About Harvey

This is why I entered the mortgage industry as a Bloomington loan officer over 15 years ago, and why I continue to work with mortgage customers — to do what I can to help people become completely debt-free, often in as little as six to ten years, including the mortgage . . .

The rich rules over the poor, and the borrower is the slave of the lender.  – Proverbs 22:7

Home mortgages, car loans, credit cards, home improvement loans, etc., etc.  Our culture is conditioned to depend on debt.  Just consider these statistics.

In the United States, the total household debt (including mortgages, credit cards, and other loans) represents almost 99 percent of total disposable income.  Non-mortgage consumer lending has jumped 44 percent in three years, with the average household owing $12,500 in such debt.  The number of people filing for bankruptcy reached a record high of more than 1.3 million recently, more than twice the number in 1989.  According to a VISA survey, 29 percent of people filing for bankruptcy complained of being “over extended,” 17 percent cite health problems, 15 percent name job problems, 12 percent say divorce is the reason, and 6 percent say they just can’t stand bill collectors.

Federal statistics show that 95% of us cannot retire financially independent at age 65.  That’s right, 95% of North Americans NEVER achieve financial freedom, even beyond age 65. Just look at what we are allowing the government and our creditors to do to us.

If you earn $25,000 per year and you work for 40 years — you will earn $1,000,000 in your lifetime.  But why don’t you end up with it?

Taxes — How much in total taxes do you think the typical American pays of their lifetime income?  Think of all the taxes:  federal income tax, state income tax, Social Security tax, Medicare tax, state sales tax, city sales tax, gasoline taxes, vehicle license tax, property tax, and the list goes on.  We pay one-third to one-half of our lifetime income in taxes!  So now, after taxes, our lifetime income is down to around $500,000.

Home mortgage — Just for “fun”, take your mortgage payment and multiply it by 360 payments (over a 30-year period).  How much will you pay back?  That’s right.  Traditionally, at former higher interest rates, you would have paid back almost 3 times what you borrowed. Even today at lower interest rates, you could pay back about double what you borrowed.  So, if you have a $100,000 loan, you will pay back $200,000 to $300,000 in 30 years — that’s $100,000 to $200,000 in interest!  Instead of a 4 to 8% interest rate which you thought you had, isn’t that more like a 100% to 200% interest rate?  Take that $100,000 to $200,000 off what’s left of your lifetime income and you are now down to only $300,000 to $400,000 — and all you’ve paid for so far are taxes and mortgage interest.

All other interest on debt — Of course, this can vary widely, but for the sake of discussion, let’s say we pay another $100,000 in interest on all our other debts in our lifetime.  Let’s take credit cards for a good example of how this is possible.  If you maintain a $10,000 balance on your 18% credit card, by making just the minimum payment you will pay $24,427 in interest over 28.5 years.  Now multiply that by extra credit cards, then add on car loans, vacation loans, etc., and it’s easy to see how $100,000 in lifetime interest is possible.

What is debt costing you?

Starting Balance

Minimum Payment

Interest Rate

Years to Payoff

Amount Paid




28 yrs/6 mos.





28 yrs/6 mos.





28 yrs/6 mos.


So, take off another $100,000 from our lifetime income and that leaves us at $200,000 to $300,000 left.

This $200,000 to $300,000 is the money that goes for all other expenses.  $100,000 of that is for the principle balance on the house.  This leaves the final $100,000 – $200,000 for all other expenses:  food, clothing, travel, household supplies, school, etc., etc.  Is it little wonder that 95% fail financially — we’re giving our income away!

Doesn’t this sound like slavery?  Our country fought a war 150 years ago partly over this issue of slavery.  And is our situation really unlike that of the plantation slaves?  Southern culture kept a huge segment of our population in the bondage of slavery.  Today’s American credit culture is keeping 95% of us in bondage to the government and creditors.  In the old South, only a small minority of plantation owners were wealthy, the remainder of the population worked to make these owners wealthy.  In America today, only 5% of people are financially independent at age 65 (since the other 95% fail).  This means that 95% of us are working to make the 5% wealthy.

We hear that the rich are getting richer, the poor are getting poorer and that the middle class is disappearing.  This is why.  The middle class is giving their wealth away to the rich in the form of taxes and interest payments.  The middle class and the poor then become poorer, and the rich get richer.  Do you really want to keep doing that?!!

Let me know what questions I can answer for you and how I can help you.


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