The mortgage loan that allows you to pay off your debt and then get into more debt with overspending is a very bad choice. This interest only mortgage could help some people, but more often than not will encourage people to spend more money than they really have to spend.
There are so many ways to get credit these days it is no wonder that people are spending way more money than they actually earn. On college campuses there are people everywhere extolling the virtues of spending money on credit cards and trying to get students to sign up for way more credit than they need. Many people are too immature to really use credit cards properly and shouldnt have them in the first place. If you get an interest only mortgage you will probably be getting a home you really cant afford and paying off credit card debt for things you couldnt afford from the beginning. This is not progressive thinking at all, instead it hurts peoples finances and doesnt help them to make wise choices for the future.
If you get an interest only mortgage you are simply replacing non-deductible debt. This over extended debt continues to hurt consumers as they pay and pay. If you are...
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