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My house was paid off by the time I was 45; back then, interest rates were pretty high and I got the shortest period I could afford. I think it was around 8%. My first car loan in 1981 was 16 2/3% so that seemed like a deal. Paid off a second home in 2009. I'm not rich however I drive older cars and live within my means.
As far as the tax deduction goes, I like what my father said about it: The money is still gone! Lost him in 1982; damn, been gone 40 years. Miss ya, dad!
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