Recently a popular magazine for senior citizens reported that many seniors still have mortgages. What a horrifying thought it is that people who have gone through a lifetime of living have not figured out that house mortgages are not a desirable thing. Why? Because income for seniors is probably less than what they were used to getting while they worked. Let’s see, high mortgage payments while your income is dwindling; no, this makes no sense at all. Besides, retirement years are supposed to be a time of life when a person can relax a little and enjoy more hobbies and less work. How does one do this while still concerned with paying a mortgage?

There is no good reason to have a mortgage. The only exception being that when you are young, no credit history established yet, just starting your first low paying job, baby on the way, and you’re hoping that the car will start so you can get to work, and you need a place to live. Okay, this is the time to take a mortgage to get a house. Here’s where the trouble begins. With your first mortgage you enter the herd that is taught that you must go into debt in order to get ahead. You are supposed to be clever and "leverage your assets" so that you can acquire all the appearances of wealth (while remaining poor). A person can get so used to being in debt and paying monthly bills that it becomes a habit. A very bad habit.

A couple generations ago people used to save up to buy something that they needed. If they didn’t have the cash, they didn’t buy the item. The next generation started borrowing to get the "good Life" of luxury and ease that they saw on the television. They also had enough common sense to know that, if they took on debt, they had better pay it off as soon as possible. Every generation since then has thrown common sense to the wind and has gone into huge debt to get all the toys that it sees on the television. These people have no idea of paying bills quickly to get rid of debt, they just keep on piling up the charges until there is no hope of getting out from under. Tomorrow will be even worse.

If there is any hope that seniors these days will make a better life for themselves and their children and grandchildren, it is that they will acquire some common sense. They will realize that they are an example to the upcoming generations. They can lead the way by demonstrating good choices in buying things. Get rid of the credit cards, start living logically within their means, downsize their possessions to manageable proportions, and start to enjoy the retirement years – debt free.