A couple of points you make stand out in my mind. Here’s one: “Buying property is the most fundamental step in acquiring assets.” I know this isn’t the main point of your blog entry, but it’s a good point, nonetheless — worth highlighting! (And I couldn’t agree with you more about the interest-only mortgage! That should be called a scam — especially if people think they’re better off than renting!)

The second brilliant point that deserves underscoring is “Paying for something way beyond the consumption date.” Consumer goods. Short term debt being converted to long-term debt and ultimately putting the property at risk if the borrowers can be persuaded to take out a home equity line of credit (HELOC) to pay off all their credit card debt. Very misguided.

Rock on!

I don’t think some people realise just how much they’re paying back on top of what they’ve borrowed (I was one of them, too). Stuff like that isn’t usually in large print, is it?

I have a credit card I’ve been tryng to pay off since I was born. I will NEVER take out another credit card EVER.

I feel that most people is ignorance about the implication on using payment plans. Financial literacy is the key to realize that payment plans are nasty. That is why financial education is highlighted as one of the essential education in the Rich Dad&#…