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It’s interesting how the language allows a weird cognitive out. It’s not debt, it’s a mortgage and they ‘own’ the home.
by whycome 1y ago
It’s interesting how the language allows a weird cognitive out. It’s not debt, it’s a mortgage and they ‘own’ the home.
- milesrout 1y agoNobody said it isn't debt. The difference is that it is debt that makes sense: you can't realistically buy land without it, and houses tend to appreciate so the interest costs are less of a problem - they just represent the time value of money. Most other debts people incur personally are to buy things they could save for, which go down in value. Like cars.
- whycome 1y agoThat’s the out. I’ve seen many people explain what their debts are and don’t think of their mortgage as one.
- tim333 1y agoIt's not a weird cognitive out, there are major differences, legal and financial between say credit card debt and a mortgage on a house.