Back when I started college 25 years ago, it was extremely difficult, if not impossible, for most students to get their own credit card or loan to pay for school expenses. Now, credit has become easier to come by. However, in what cases is taking out a loan a good idea and when is it a financial mistake? Buying a car, paying for college, buying a house, purchasing textbooks, getting a new iPod? When should people just save money and pay for an item in case?
Share your ideas and experiences.
Randall
my mother is a penny picker while my sister live paycheck to paycheck. one never splurge on an expensive cloth or dinner but the other one always maxed out her credit card. i don't want to like any of them. that's why i have to budget carefully to make ends meet.it's hard but i will keep track of my income and expenses
ReplyDeleteHi! Well in my point of view, I consider that you should get a loan just when you can pay for it. For example, If you are in university far from your family and you have an accident or maybe you need to buy something that it is so important you can use your credit cards. The core of this is that you should buy just that you can pay. In other words, is better if you dont have the money, dont buy that and wait until you have the money to buy. In addition, be careful of rates, because sometimes if the economy of your country is not good, you can buy something today and tomorrow you need to pay two times for the item and it is caused by the bad economy and the movement of the rates.
ReplyDeleteHello my name is Joel and I think you should only buy things that you can pay and also the things you need.
ReplyDeleteHELLO..............I´M MELONI I JUST WANT TO SAY YOU THAT EVEN WHEN YOU DON´T HAVE MONEY TO PAY FOR SOMETING IF ITS VERY VERY IMPORTANT YOU CAN GET A LOAN TO PAY OR BUYING BECAUSE MAYBE IN THAT TIME YOU DOESN´T HAVE THE MONEY TO PAY IT.... BUT FOR THAT WHERE INVENTED THE LOANS BECAUSE LATER YOU WILL DO!!
ReplyDeleteI think that you have to buy the things that you are going to use and the things that you need and to sepen much money in the unusual things
ReplyDeletesebastian g
I think we have only to buy the things that we really use and sometimes things that we can enjoy but no to exaggerated buying all the new ipods or all the video games.
ReplyDeleteI think that the way that the people use the credit cards are bad. Becouse they think that in the future they could pay all the consumes of it, but they don't take mind the dangerous that it could be. For example if they don't pay at time all the debt going to acumulate and it at end will be a big acount. so the people that use credit card have to be very carefully.
ReplyDeletetoday, while every penny has an importance,loaning is unreasonable. because people are already in debt and the banks are likely to try to make them starve. maybe i m so strict about this matter, but, as we see many of those-suffer from credit cards or loanings- what can we think??? today's motto: buy if you have money or dont!!!
ReplyDeleteLoans is one way of struggle in order to survive in this world, thus these loans a great help in all situations?
ReplyDeleteSome people says no man in this world live without a loan. Maybe yes or maybe no, but mostly of people nowadays depend on loans not only employees, businessmen, companies or even the government having loans to pursue their aims to succeed their wants and goals that could help their present situation. Whereas some of employed parents buried of loans because of their needs to send their children in school especially in college. Wherever loan sometimes makes the life in hell if it is not properly manage and to control the self of being dependable of loan.
Therefore, to make a loan is not bad, it will save needs but it is on you how to control it. The only thing to make is, be wise to use your money to live happy and have a peaceful life.
Lyn
today, while every penny has an importance,loaning is unreasonable. because people are already in debt and the banks are likely to try to make them starve. maybe i m so strict about this matter, but, as we see many of those-suffer from credit cards or loanings- what can we think??? today's motto: buy if you have money or dont!!!
ReplyDeleteNowadays with all the facilities to purchase something many people are blowing their money and after this do not know how to pay the debt.
ReplyDeleteFor instance, make a loan could be the ideal in a situation that you are in a hole and need to pay your debt. However, make a loan to pay any debt could be the beggining of a new debt that will not stop anymore.
For this reason, I think that make a loan could be very dangerous for people who do not have a budget well defined, because they will not have enough money to pay the loan after.
To illustrate, I have an aunt who since I was born had spent a huge amount of money and keep in debt with all the family and also the banks. In addition, my aunt do not though about her mistakes in the past and continued spending a lot of money.
To sum up, make loans today would not be the ideal in most of the situations, because it can be dangerous for people who do not care and blow a lot of bucks purchasing things.
I think it's necessary in case you need to invest some money to increase your asset and you sure can payback and have regurlar income. But baically I don't agree with loan for consuming things cloths,travel,cars.etc. I'm kind of feeling safe when I have some money deposited just in case rather than spending them for short time pleasure.
ReplyDeleteHello! i have never try to get a loan but I think if you are going to do it, should be only because you really NEED the money. if your going to spend it in a new I-Phone or something like that, dont. With the time and if you are going to work to get it, you will.
ReplyDeleteI think that people should be pinching pennies whatever the situation. It is imperative not to be in the hole. People should definitely have a knack to avoid asking for a bank loan. But life is so expensive that one day or another, one does need a bank loan. In the end, one should only ask for a bank loan provided he or she has the money to pay their debts. Curbing expenditures is imperative.
ReplyDeleteHi everyone,
ReplyDeleteAvailing loan aid without any collateral and security deposit is possible now with the availability of cash advance loans. If you are facing small financial crunches in life, then this financial option has the capability to resolve all crises.
But it depends on the situation " when to apply for a loan?". Loan should be taken for purposes like education etc which are essential,instead of buying luxurious things. Also it depends on the situation " Whether we can repay the loan?". Planning is required before applying for a loan. You should be confident enough you can repay the amount in the given time.
"Think before applying for a loan whether it is really required"
Thanks & Regards
Prathap B R
Taking a loan is never a good idea untill unless ,you are having a burning need of something.I mean taking loan to purchase the items for just leisure is not a good idea at all,because it hinders a persons progress in long terms.if you are taking a loan to have a ipod.It is an unnecessary expenditure.Instead cut down your monthly wasting and save money to buy one.
ReplyDeleteAnd using credit card most often is also not a good idea.untill unless the cash you are paying is not a big amount that you can not handle in cash or you find suddenly yourself out of cash purchasing some thing.
Some economist used to say that when we are interested on rent a house for example, we shouldn't direct over than 30% of our income monthly to that. My idea about it is there is no problem to ask for a loan as long as you decide for a payment plan related to your real financial life. But if you are strapped for cash, maybe just pinch pennies can help at all. Supposing your money is running out because you don't have a budget, to get a loan could drive you straight to the hole. So to ask or not for a loan boils down to How much control you have on your money.
ReplyDeleteHi !
ReplyDeleteIf you think you have found that rare gem, be careful make yourself a budget to see if you can manage the monthly payments that will come with it. You need to do your homework before you buy a vehicle.
JM
Hi!My advice is better avoid getting loans so that you'll be free of all worries on how to pay for it.The best thing to do is to save little by little until you have collected the right amount for the things that you need.But if you have no choice but to get a loan,especially a housing loan,be responsible enough to pay the monthly amortization.Learn also to live simply,being content with what you have.Don't be an impulsive buyer.Hate borrowing money but be a good payer and a cheerful giver.
ReplyDeleteLoans are good idea at the first sight for regular people but for banks it's another way of etting money. I don't remember seeing happy people with paid loans in my country. At this point my opinion is do not mace credits or loans unless it's unavoidable. My family used to be strapped on cash as a result I am pinching pennies. But at the end of a day keeping track of money is most useful thing to do. If I want to buy something I sleep on this idea and next day I understand that this thing isn't worth buying it. I also tried to make some purchases in case. As far as it was a food all of it got spoilt and this idea became useless for me.
ReplyDeleteHI i am only from TAIWAN.I live in the city Taichung.In my city,we have six department stores.i like department stores very much because there are a lot of fational clothes and a lot of famous restaurants.But i seldom go to department stores because some of the things in there is so expensive that i can't buy it. I usually go there when there is on sale.
ReplyDeleteI think the most important thing when you get a loan is the budget. if you are thinking about education, you must be sure where and how much it costs. buy a new I-pot or I-phone or even a BB is not important at all when education is in your hands.
ReplyDeletebe sure you spend the money wisely.
HI MY NAME IS ANNY AND I THINK THAT JUST WHEN YOU GET YOUR OWN MONEY YOU CAN SEE THE SATISFACTION OF BE INDEPENDENT AND WHEN YOU ARE LIVING ON YOUR OWN IS JUST ABOUT BE RESPONSABLE AND GET IN THE FIRST PLACE THE THINGS THAT ARE REALLY IMPORTANT LIKE THE STUDY AND ESCENCIAL THINGS LIKE FOOD OR SOMETHING LIKE THAT.REMEMBER THAT THE STUDY IS VERY IMPORTANT
ReplyDeleteI think that a loan must be a very special case. I just would do it in case of buy my own house or my own business. Other things we can buy them with a periodical saving of money: it is the same proccess but without rates.
ReplyDeleteHello! my name is Lady
ReplyDeleteI think that credit cars are not necesary to use in a society where people believe in their habilities to get things with their own money, to be patience and used to save money.
So in this consumption society I consider that credit cars are a big problem like dangerous virus that make people superficial and die in life.
We have to be very carfully with that..
Hey there,
ReplyDeletemy name is Georgi and I think that we should keep track on all expenses we have. I am a student in my last year, married with a little boy, working hard on 3 places and paying a mortgage. It's very hard for me and my family, but in 10 years everything will be great! Be wise!!!
hello my name's emanuele from italy,i almost never asked a loan,only once,when i bought my new car,7 years ago.fortunately i've always had a job,so a bit of money...too much people for me takes advantage of loans,buying useless things...so i think that the loans are good,but only when really need.byeeeee
ReplyDeletehi there
ReplyDeleteto get a lone is get in troubles..i did a lone three years ago and i do regrett till today!! payed the double..wasted the money..and felt unplessed!!
hazem
When you know you'll have a constant incoming of money assured for the next few or months or years you can get a loan if you're completely sure that you can pay for it correctly in the right days.
ReplyDeleteMake a plan, analyse what you're expending your money in and think if it is really necessary or not just a luxury, if is get rid of it, luxury will always be there for you and it's not like you'll be strapped for money your whole life and you still can save some bucks in the hard months for minor treats.
Sandeep said..
ReplyDeleteLoans are not ideal for all situation, however it is important part of life .I had purchased my home 5 years ago and I took loan for the same and now the cost of my home is almost double the cost which I have purchased. There is always equation for taking loan of yours income and expenses.
Anything which is going to appreciate in a few years then it is always better to take loan.If you are taking loan for the situation which is so important for this moment then also we can go for loan but for the situation like buying the costly mobile or any other unnecessary thing then one should think many time before taking the loans.
First of all, great job Randall!
ReplyDeleteI remember when I was younger and I bought my house, It would be impossible without a loan, but now I try to live in a tight budget and stick to it as much as possible because I don't want to be strapped for cash and prefer to easily make ends meet every single month.
I think if you have financial problem then you should need loan because it will help you a lot. However, if you use loan as a pleasure to your entertainment a lot or get loan from an untrusted company, then you are pretty screw.
ReplyDeletePeople should save their money for their fee, entertainment and an item just in case.
Hi my mame is Fernanda Flores and I never asked por a bank loan in the case of be strapped for cash. I have always had a budget por my expenses because I'm a ver y careful person with my monte. If I could recommend you something is that you first of all have yo design a budget in order to never be in the hole. For example I spend around 100 bolivians per month on transpotation or maybe less because some times I prefer to go walking in order to save money, in food I spend around 150 bolivians per month because I eat at home, I live with my parents so fortunatelly my mom or me Cook at home so I just spend money rarely when I,m hungry or when I want to eat out with a friend. As a student I spend 50 bolivians per month in copies or some kind of material por my clases. And fortuntelly I don't spend nothing at home because my house is of my father so he pays allthe utilities that de need. Then your budget should be lower than your incomes. Also as my mom, I have the knack of save money every time that I can.
ReplyDelete