An interesting concept is being put forward by a company called Global Equity Lending which, according to them,is rooted in the fact that building a secure financial future is more difficult than ever.The rules are changing and perhaps the old practices need to be revamped.GEL calls its new philosophy, “Harnessing The Power of Your Mortgage”.
In 2004,credit card debt accounted for over half of the $2.1 trillion of consumer debt in the U.S., quadrupling over the last decade.Today,the average American household has $9,000 of credit card debt at 16% interest.To pay that average off,at that interest rate would take ten years,totaling over $8,000 in interest when all is said and done.The financial impact of this,which is virtually unrealized is devastating.GEL claims to have a better way.Their thinking is that since you must borrow money over the coarse of life,why not borrow it as inexpensively as possible.Credit cards,auto loans,and personal loans are all high interest and non deductable.So why not harness the power of your mortgage?
According to GEL,Americans operate under a mindset,when it comes to personal finance,that has been burned into our...
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