Four Things You Should Never Borrow Money For

I might be the worst person to do this story because when I want something I want it now and borrowing money is the quickest way to get it. We just had an awesome swimming pool deal on the station's Seize the Deal and I really wanted it. To the point I was thinking about asking the bank to finance it for me. That pool makeover, even though it was an excellent deal, it would be on the list of things that you should never borrow money for. Check out the main four items that you should never buy money for.

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.

Filed Under: borrowing money, loans

Categories: Lifestyles