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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (66055)2/8/2001 6:08:44 PM
From: awi  Read Replies (4) of 436258
 
Very true. Same is true for some countries in Europe where interest on your mortgage is tax deductable (e.g. in the Netherlands). In some cases people have been spending considerable portions of their mortgage on (non-)durable goods as this has been a much better proposition at 3 or 4% than taking on a personal loan at 10 or 15%. Total mortgage debt in the NL is at approx. 250 bn euro (about 60% of GDP). I'd be interested to know whether this level of debt is higher in the US.

I'd agree that the level of indebtedness is indeed very high in the US, but if much of the debt is tied to mortgages, couldn't one consider that portion much more 'stable' than debt tied to credit card loans etc.? In the case of mortgages, people take on long-term obligation with their bank, which will usually be somewhat more conservative for mortgages than for just another personal loan.
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