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Discussion » Questions » Finance » What are some bad reasons to loan or to borrow money? ~

What are some bad reasons to loan or to borrow money? ~

Posted - October 19, 2017

Responses


  • 46117
    Get the loan in WRITING and legal.

    Otherwise, all other reasons are totally BAD and asking for a huge problem.

      October 19, 2017 9:25 AM MDT
    1

  • 17364
    Neither borrower nor lender be......that's me.   As I was sitting waiting for an oil change and tire rotation about a week ago I witnessed a young twenty-something man come in and ask if he could get some new tires "on time."  I had never heard that expression, but it became obvious he wanted to make payments to pay for his new tires.  I thought to myself that when you need something like tires and can't buy them outright is one time credit might be a good idea........until he then inquired to how big of a tire could go on his truck.  His truck was tall enough that I could walk under it with little bending.  The woman in the store couldn't help herself from mentioning that his present tire situation didn't appear to be dire.  He said he just wanted the biggest.  It was all I could do to be quiet because I know this young man will forever be indebted to someone for something.  That is really a shame, but I can't educate the world.

    He didn't qualify to borrow the money.  I thought to myself, you just dodged a bullet,  young man. This post was edited by Thriftymaid at October 19, 2017 11:26 PM MDT
      October 19, 2017 5:43 PM MDT
    1