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Being debt free is the ultimate financial personal goal for most people. There are many articles advising us about refinancing to get out of debt, thus we may automatically assume that debt is a bad thing. However, on the flip side, borrowing is not a bad thing. What's important is being able to manage your debt.

BUYING A HOME

Many people cannot afford to buy a house without borrowing. A mortgage is an enormous financial responsibility – a large debt – but it is a better financial proposition than renting. Getting a mortgage is like having an investment for the future. It offers the prospective of living debt free in 25 or 30 years. Furthermore, because it is secured against the value of your house, the interest rate is likely to be relatively low. Be sure to speak with a Financial Advisor about how much you can afford to put down and how much of a loan you can carry. The more you put down, the less you will owe and pay in interest over time.