I know a lot about the dangers of debt.
I bought my first property in 1989 for ￡62,000, funded with a ￡58,000 mortgage. Five years later I sold it for ￡46,000 and had to find nearly ￡12,000 to pay off the mortgage.
In hindsight, I should have kept the property, rented it out, and let the rental income gradually reduce the mortgage while the value recovered. But I hated the place so much that I let my emotions get the better of me.
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