Out of every mortgage made and credit account established, weather it be credit cards or other type financial arrangement made were you have to pay more than you borrowed jobs are being put in jeopardy. When you make things more expensive then they have to be or you have to have non-owner finance you have pretty much killed a job. If you used the money that you've had to pay for your credit account, for other things like an owner financed house, car, or other things like student expenses, or other similar device, our economy wouldn't be in the state it is now. People would have jobs because you'll be paying for goods and services. If you have a mortgage your paying off the mortgage and the charges that have accrued.
The average house in the US is roughly worth $200k and has the average monthly payment of $1,000.00 to $1,500.00 a month for 30 years. The average wage in the US is $10.00 an hour which is $20,800 gross yearly. So let's do the math:
$10.00 x 40 x 52 = $20,800
$1000 x 12 x 30= $360,000 / $20,800 = 17.31
$1500 x 12 x 30 = $540,000 / $20,800 = 26
The figure of 17.31 and 26 is the amount of job loss due to the mortgage. This is why we need to clear the mortgages and start off on a clean slate. We have to many people that have a mortgage. When you have that you well always have a problem.
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