Quote:
Originally Posted by finnbow
What you're describing is a second mortgage. Having a second mortgage doesn't make one any more bankrupt than having a first mortgage.  |
Individuals don't need to take out a second mortgage to pay their bills. There are personal loans, home equity loans, advances from credit cards (thus my "paying the Visa with the Master Card" reference), borrowing money from a 401(k), an advance or a loan from an employer, etc.
On the other hand, individuals or businesses don't get to loan/bond revenue as income. In business, bond sales are booked as balance sheet items: income received as an asset and bonds payable as a liability.