I want to point our readers to an excellent article by a true debt crusader in Canada. George Boelke wrote a book called It’s Your Money: Tools, Tips & Tricks to Borrow Smarter and Pay It Off Quicker and the Spanish language version, Quedese con Su Dinero, a couple of years ago now, and despite losing a huge chunk of money when his publisher went under, has continued to campaign across the country, explaining to consumers about how they should see credit and debt and why they should wonder, “Who’s in your wallet,” rather than what (The fine print is killer, folks)
Anyways, I encourage everyone to check out George’s latest article, “Kinky Mortgage Loans & Predatory Lending: It’s A Crime – But It’s Legal?,” published on the American Chronicle website. Then ask yourself, are you an unwitting victim or a contributor to the problem? One of the things George doesn’t mention is that there are a lot of people out there who have NO IDEA that they have Adjustable Rate Mortgages (ARM’s), Interest-only Mortgages and Option-ARM’s, because, while it was “disclosed” to them, the mortgage broker and/or bank glossed over that paperwork while they were signing all 110 pages of your mortgage agreement. Even if you’ve been using the same mortgage company for years (ahem, Countrywide), don’t assume you’re immune.
I also would advise you, if you have any credit cards at all, to check out George’s book, which can be ordered directly from him here. You can check out George’s other insightful articles on debt, credit cards and your family, here.