10/07/2019
What do you do if your struggling to pay the mortgage?
Your home should be your refuge—a safe place to unwind at the end of the day. But if you’re struggling to pay your mortgage, relaxation is probably the last thing on your mind.
Feeling panic every time you pay a bill or check your bank account is not a good way to live. If you’re struggling to pay your mortgage, you’ve got to do something—and you need to do something now.
What Are You Sacrificing to Pay Your Mortgage?
If this sounds like you, take heart. According to the MacArthur Foundation, you’re not alone. Their latest Housing Matters survey found that 45% of homeowners and 71% of renters have made at least one sacrifice to cover the cost of housing in the past three years.(1)
Trade Offs to Pay for Housing
With any trade-off, you’re giving up something important. It might be time and energy or even your physical health.
But often, it’s your financial future you sacrifice—and that can cost a lot in the long run. Racking up credit card debt to make ends meet only makes it harder to pay the bills. And slashing retirement savings from your budget? Well, that’s a cut that runs deep.
Consider this: Dialing back your 401(k) contribution by just $300 a month could put a $650,000–970,000 dent in your nest egg after 30 years. Ouch! No home is worth that kind of loss. You don’t have to sacrifice peace of mind—today or tomorrow—for a comfortable place to live. Options do exist.
(Article taken from Dave Ramsey)
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