Don’t doubt the DEBT!

Written by Posted On Monday, 13 May 2024 00:00

The issue is REAL! The reality is becoming more and more apparent. Debt is a national problem, and it’s going to get far worse before it gets better! The main culprit is the federal government. NOBODY has more debt on the planet than the United States of America. That debt continues to pressure the markets as the ability to borrow larger and larger sums of money gets more and more expensive. Nobody wants to acknowledge it, but it does impact our everyday lives more than you think it does.

The other issue we have is that consumers are piling up debt faster than ever! We are not only setting records for outstanding debt; but consumers are relying on more and more debt to simply cover what they feel are their basic costs of living. Especially young people, who seem to think $1,000+ cell phones and $500+ car payments, and $150 a month for coffee are things worth putting on credit! They see the government use credit as a solution, so they think it’s fine, the government doesn’t need to balance its budget, why should I?

We all know that there is “good” debt and “bad” debt. Well, the lines have become blurred! People are racking up huge piles of debt and the ability to keep adding new sources is eventually going to dry up and we will see higher rates of default, repossessions, and potentially foreclosures! The reason I say potential foreclosures is that we have many people with significant equity to refinance and buy their way out of trouble IF they learn and don’t repeat past poor habits. However, while some do; many don’t, and a few years later, they are back in the same trouble and this time, there might not be equity enough to save them!

Now is really a good time to engage your accountants, financial planners, and accountants, and do a few videos covering different topics in the area of financial literacy. Many have never had any professional guidance and would appreciate the information. You may also want to work with your local high schools to have talks with your team to explain budgeting, debt, and the world of finance to high school students because many will never get this information if you aren’t there to share!

Questions or comments about this topic, please feel free to reach out to me and I can share how my clients make this work for them. This email address is being protected from spambots. You need JavaScript enabled to view it.  

Rate this item
(0 votes)
Michael White

After 18 years working in all phases of mortgage originations, Mike left day to day originations to start his consulting and coaching company. Now, more than 18+ years later, Mike is working with clients across the country in all markets, big and small, that have generated more than three billion dollars in loan originations within a year.

Mike teaches a system that is focused on time management, action planning, marketing a message, and creating value for both clients and referral sources alike. Quite simply, providing more value leads to more opportunities, more income, less time, and a systematic approach that begs to be duplicated.


By breaking down individual aspects of the mortgage business and providing a step by step approach to creating a consistent flow of opportunities that can lead to a highly successful mortgage practice. That is why people who incorporate these strategies out produce the national averages by almost 3 to 1!

Fundamentals and simple strategies provide day to day activities that help provide a “scheduled success” philosophy. It’s all about identifying, targeting, and establishing profitable referral relationships using exceptional value to keep you in the center of your own referral triangle.

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.