Paying off a mortgage is terrific, Larry, congratulations.

While working for a mortgage broker the last year or so I've seen too many people do the opposite--refinancing restarts the clock and, long term, often racks up a whole lot of new interest. Going for extra cash to pay off credit card and other consumer debt can be a dangerous move for a lot of people because it evaporates equity and sends the money down a black hole to pay off a past debt. The worst thing is the impermanance of paying off consumer credit--people always go back to that well and burden themselves with more of that kind of debt. Having consumed their home equity to pay off the old debt, where can they go to pay off the new debt? Classic example of "eating your seed corn".

Half a century of easy credit has stimulated a lot of growth in the economy, but its downside remains a ticking time bomb. Credit can be a Ponzi scheme for the unwary.