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View Poll Results: Do you consider your mortgage "debt"
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Yes
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235 |
79.93% |
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No
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59 |
20.07% |
08-30-2011, 12:50 PM
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#1
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RealtorŪ
Join Date: Feb 2009
Location: Calgary
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Do you consider your mortgage "debt"
I am focusing in on the recent thread as we had a pretty close 50/50 split as to how people viewed their mortgage.
After being roasted on my comment questioning a mortgage to be debt I am curious how everyone feels. No question that by definition a mortgage is debt however it is a much different debt than almost every other type ie: Credit Cards, car payments etc.
If you had to go $100k into some type of debt is it not fair to say that everyone would choose real estate?
If you owe $300k on a $500k home, do you feel that you should be put into the category of people in debt?
This was all spurred because according to the study in the other thread most people between 18-24 feel they will be debt free by 32. If you ask me, 80+ % of people will be in 100k + debt at 32 if a mortgage is considered.
EDIT: Fairly straight forward as to if it is debt or not. I wasn't asking the question properly but if the poll can read
Do you think people with mortgage debt should continue to be categorized as someone with major cc/auto etc debt.
Last edited by Travis Munroe; 08-30-2011 at 01:05 PM.
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08-30-2011, 12:53 PM
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#2
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Franchise Player
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Of course a mortgage is debt. Different than CC or other debt, but still debt.
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08-30-2011, 12:55 PM
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#3
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Lifetime Suspension
Join Date: Sep 2005
Location: Lethbridge
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I think of a mortgage as a form of usury.
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08-30-2011, 12:57 PM
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#4
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Powerplay Quarterback
Join Date: Sep 2002
Location: Calgary, AB
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A mortgage is absolutely debt. I don't think it matters why the debt was taken on, it's still debt. I could owe $10,000 on my VISA because I wanted to purchase gold, or buy a 2012 Corvette and keep it in the garage for 30 years until it starts to appreciate in value.
At the end of the day, having zero debt beats having any debt at all.
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08-30-2011, 12:57 PM
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#5
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Unfrozen Caveman Lawyer
Join Date: Oct 2002
Location: Crowsnest Pass
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If you miss a payment, the bank certainly considers it a debt.
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08-30-2011, 12:57 PM
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#6
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Powerplay Quarterback
Join Date: Jun 2008
Location: Calgary, AB
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Absolutely it is debt.
Would you consider a house an asset?
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08-30-2011, 12:58 PM
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#7
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Ben
Join Date: Jan 2004
Location: God's Country (aka Cape Breton Island)
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Do I owe money on a mortgage? Is it money I borrowed and must repay?
If so, then it's a debt.
__________________
"Calgary Flames is the best team in all the land" - My Brainwashed Son
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08-30-2011, 12:59 PM
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#8
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RealtorŪ
Join Date: Feb 2009
Location: Calgary
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I appreciate the opinions without any insults or negativity!
Troutman, you only consider it debt if a payment is missed?
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08-30-2011, 12:59 PM
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#9
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Ben
Join Date: Jan 2004
Location: God's Country (aka Cape Breton Island)
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Quote:
Originally Posted by jtfrogger
Would you consider a house an asset?
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Only if it's a duplex, otherwise it's not a set at all, just one. 
__________________
"Calgary Flames is the best team in all the land" - My Brainwashed Son
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08-30-2011, 01:00 PM
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#10
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Powerplay Quarterback
Join Date: Mar 2006
Location: Trapped in my own code!!
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Since you owe money to someone, it is definitely a debt.
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08-30-2011, 01:00 PM
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#11
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Playboy Mansion Poolboy
Join Date: Apr 2004
Location: Close enough to make a beer run during a TV timeout
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Added a poll, kept the options simple.
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08-30-2011, 01:01 PM
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#12
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The new goggles also do nothing.
Join Date: Oct 2001
Location: Calgary
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Quote:
Originally Posted by jtfrogger
Absolutely it is debt.
Would you consider a house an asset?
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I think this is a better question.
__________________
Uncertainty is an uncomfortable position.
But certainty is an absurd one.
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08-30-2011, 01:03 PM
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#14
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The new goggles also do nothing.
Join Date: Oct 2001
Location: Calgary
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I guess people feel a mortgage isn't debt because it's secured against something they consider an asset? Or why would someone consider their mortgage not to be debt?
__________________
Uncertainty is an uncomfortable position.
But certainty is an absurd one.
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08-30-2011, 01:04 PM
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#15
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Late Bloomer
Join Date: Oct 2002
Location: Campo De Golf
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IMO if you owe money it's a debt.
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08-30-2011, 01:05 PM
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#16
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Powerplay Quarterback
Join Date: Oct 2003
Location: right here of course
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Its definitely debt...but I would call a mortgage "good debt"...
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08-30-2011, 01:06 PM
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#17
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Franchise Player
Join Date: Oct 2010
Location: Calgary
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Absolutely it's debt, I own the bank lots of money for my house. If I miss a payment, they'll take my house away and then wreak my credit for years to come. Same thing will happen with other forms of debt. I don't see it any differently except the interest rate is "fairer" than loan sharks or credit card debt.
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08-30-2011, 01:06 PM
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#18
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#1 Goaltender
Join Date: Aug 2005
Location: Calgary
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Definitely debt. But probably the kind that one would consider 'good' debt. And to me good debt is something that enables you to save money. For example - 3% on $200k loan on a $300k home to avoid rent payment = good debt.
Bad debt = $24% to finance keeping up with the Joneses
Really bad debt = 10% per day to Kneecapper Bob
__________________
GO FLAMES GO
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08-30-2011, 01:06 PM
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#19
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RealtorŪ
Join Date: Feb 2009
Location: Calgary
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read my edit. I do not like the negativity brought when a study claims x amount of percentage of people are in debt over 20k and the classify Heavy CC debt situations the same as a mortgage with equity.
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08-30-2011, 01:06 PM
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#20
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Franchise Player
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Quote:
Originally Posted by photon
I guess people feel a mortgage isn't debt because it's secured against something they consider an asset? Or why would someone consider their mortgage not to be debt?
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I obviously can't speak for everyone in that thread, but in the context of that thread where people talked about being "debt free", I landed on the side of "well, depending on the context. I wouldn't consider someone who has a $200,000 mortgage on a $1,000,000 house to be 'in debt'" because their overall net worth is so positive. It was more a backlash against the idea that being "debt free" is the be all the end all.
__________________
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