According to the website SmartCredit.com, here are four things you should never borrow money for.
1. A boat, or any kind of vehicle you don’t NEED. Like if you need to have a truck for work, then get a loan. But not if you just want to tool around on an ATV for fun. Stuff like that usually comes with other expenses that you don’t think about.
2. A vacation. If you can’t afford to drop $3,500 and take your family to Disney World for a week, don’t do it. There are plenty of other options that are cheaper.
3. A wedding. It’s becoming more and more common to take out a huge loan so you can have your dream wedding. But most people end up regretting it, because you end up starting out under a mountain of debt.
Which is why guys probably shouldn’t borrow ten grand for a huge engagement ring either.
4. Furniture, including big-screen TV’s. If you can get zero percent financing and pay it off in time, then MAYBE. But even then, you’re better off buying something cheaper, or waiting until you’ve saved up.
borrowing money, money tips, smart credit