Housing debt is the largest portion of debt for the average person in the United States. Although we acknowledge the benefit of owning one’s own home, we dislike the idea of acquiring significant amounts of debt to do it, for several reasons. First, as we discussed for the Debt Medallion, we prefer a currency system that is not dependent on debt growth for its existence. Second, in general we believe that the larger the percentage of one’s own balance sheet is comprised of debt, the lesser the degree of autonomy one has in negotiating one’s own life. Saying “NO” to a dehumanizing job experience is easier when one doesn’t have the threat of foreclosure hanging over one’s head.
So how does someone extricate themselves from the mortgage rat race? Slowly, is the most likely answer, although, creatively, may be a better one. If you work in a steady job long enough, you have probably already purchased a house with a mortgage, and assuming you still have a job, you will probably pay off the mortgage, and a heck of a lot of interest, eventually. An easy choice is to refinance your mortgage, and continue paying the same amount, so that you’re loan is repaid sooner. A more drastic option is to move to a cheaper place. Selling a more expensive home, in favor of a cheaper one can help you reduce your housing debt quickly. Maybe that involves moving to a home with a smaller size, or to a different neighborhood. In the end this is a very personal decision, so how you proceed is up to you.
Because this medal can be viewed as an extension of the Debt Medallion, we thought it would be best to do only one medal, Gold. Rogues can earn their gold Housing Medallion by eliminating all of their housing debt while still owning a home. How you choose to do so is up to you, and you should think carefully about it, but it is a worthwhile goal.
Once you’ve paid down your mortgage, or better yet, purchased your home outright without a mortgage, right click and save the gold medallion and post it in your social profile pages, or the paste the notice below to your feeds and timelines.