Released: August 30, 2007

Mortgages are for paying off

Source: Michelle Singletary, Washington Post

African Americans are often the target of financial pitchmen trying to convince them they should never pay off their mortgages. Instead, the line goes, people should dig deeper into mortgage debt to purchase cars, fund their chosen lifestyles or invest.

The suggestion is that paying off your mortgage is akin to being a chump.

There was a time when people had mortgage-burning parties to celebrate the day they were released from their biggest debt. My grandmother, Big Mama, worked for the day she would no longer have to pay “the man” any money for her home.

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