Loans, Can’t Live With Them, Can’t Live Without Them
October 9, 2007 – 1:21 pmI have written a considerable number of posts on loans because I think that loans are part and parcel of life. Most of us have family loans that they could use to purchase a car or at least put a down payment with but I do not have such privilege and have to think of ways to buy my own car and house.
Some people say that the younger they take out a loan the faster they will be able to pay it off. This is especially true when it comes to home loan which could drag for thirty years or longer.
However some people think that they should not be bogged down by so many responsibilities at a young age and why not enjoy life first??
I have talked to many of my friends and they all have at least one loan to their name! I asked them what they are for and some of them said that they took out unsecured loans to go on a cruise or to splurge on their hi-fi hobby and that scares me.
On the other hand, some took out secured loans to set up a business. Secured loans are loans that require collateral and they use their house grant as the collateral. They do realize the risk, of course, but according to them, they have to do this while they still can and age is on their side. That’s called living dangerously, if you ask me, because all businesses come with risks!
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