Sometimes you have no choice but to borrow money, as long as it’s well managed it’s not an issue. I think if its for a proper reason like an investment in your business or a car you NEED to get to work (assuming public transport is not feasible!) then its worth considering getting into debt if it means you will have better prospects in the future.
It’s not so sensible if you just want a top of the range computer or the latest console to “keep up with the Joneses”, because those are luxuries that should ideally be saved up for not ones that you should take out a loan for. Also a definite no-no is getting a loan just to meet your current outgoing bills. If you need a loan to pay the mortgage what will you do the following month when you need to pay it again and your loan repayments on top – then it’s a slippery slope into unmanageable debt.
I have had various debts in my life, student loans, a car loan, a mortgage, basically the ones that aren’t frowned on, and then a few naughty bits on credit cards when I did get carried away wanting material goods. I have since learnt my mistake, getting in to too much debt can put a real strain on your marriage, its hard wondering how you will make all the payments. Although I am quite open to taking on debt for sensible reasons, like when hubbie took on a commercial property through work – which should (hopefully) improve our finances quite quickly in the long run but a new TV forget it!
Sometimes you might need a loan when you have bad credit fortunately there are still options like glo loans but again I would consider only using it for reasons that will benefit you in the future, if its for a fancy bit of technology (unless your job requires it) step away from temptation. It’s easy to be materialistic, especially if your friends and family have nice things, but if you can make what you own last a bit longer than it will save you in the future.
Finally make sure you fill out a budget planner to make sure you have enough left over for your repayments.