Quote:
Originally Posted by OilersBaby
why is it a terrible idea? i love it because it reduces your tax liability by a lot. Last tax year my husband and i didnt own a house and so our tax refund was pretty small..but we bought a house in june 2007 and when we got our refund this month, wow, it was huge! so its awesome for individuals. you dont get taxed as much!
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It's a bad idea because it gives people a reason to not pay down their mortgage. Plus it allows them to rationalize buying something bigger than they likely should, leading them into further debt that they'll never pay off.
That's my take on Locke's comment, at least.