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-   -   Dumbest thing you ever took out a loan for. (http://www.thefinanceforums.com/showthread.php?t=614)

BillCollector 03-10-2008 12:32 AM

Re: Dumbest thing you ever took out a loan for.
 
the dumbest thing i ever took out a loan for is a guitar.
I had never played and after playing guitar hero for about a month decided i wanted to play for real. So i went to the Willis music in the local mall and seen their 'financing available' sign and went a little overboard. I spent $800 on guitar, case, and a few small extras. It was 36% interest which was not pointed out when i was signing. but i ended up paying it off early and in total spent over $1100.

maat55 04-06-2008 01:46 PM

Re: Dumbest thing you ever took out a loan for.
 
I borrowed 3000 once to invest in the comodities market, I lost all but 300 of it. Somethings you learn the hard way.

jeff 04-07-2008 07:37 PM

Re: Dumbest thing you ever took out a loan for.
 
Yes...Funny and sad Mr GarySpicuzza...Good Luck Friends

natescashmoney 05-15-2008 12:33 PM

Re: Dumbest thing you ever took out a loan for.
 
$4000 for sweet rims for my Grand Cherokee...20yrs old and bouncing at a nightclub. Sold them for 1K a couple of years later.

shahab6 05-22-2008 01:38 AM

Re: Dumbest thing you ever took out a loan for.
 
I once took out loan formy stereo

stockmarketreviews 05-22-2008 03:10 AM

Re: Dumbest thing you ever took out a loan for.
 
hmm i have never taken a loan

spencer24 05-22-2008 05:30 PM

Re: Dumbest thing you ever took out a loan for.
 
I avoid debt at all costs.

sahilmiddha 05-23-2008 04:08 AM

Re: Dumbest thing you ever took out a loan for.
 
i took out a loan for my room furniture, which is dumb for me.

jerrymind 08-19-2008 07:48 AM

Re: Dumbest thing you ever took out a loan for.
 
the dumbest loan I've taken is to cover another loan taken in the past - this is not recommended at all! check your loan rates and quotes - it is the most important thing to do before engaging in any kind off loan.

the dude 08-20-2008 02:24 AM

Re: Dumbest thing you ever took out a loan for.
 
would 5K on a credit card for a watch be a dumb idea?


... there were probably better ways to spend that money.

www.BalanceTransfer.cc 08-26-2008 09:05 AM

Re: Dumbest thing you ever took out a loan for.
 
I once borrowed money to buy a recliner which hurt my neck so bad that I had to give the thing away.

kjb516 09-26-2008 07:07 PM

Re: Dumbest thing you ever took out a loan for.
 
Quote:

Originally Posted by Fred333 (Post 4598)
I took it out for my ex-wifes car. Like I said ex-wife. Still paying on it while she drives it around.


Whew! I thought I was the only one who would write this.

Though I am no longer making the payments on her car. When she pushed for me to continue paying for her car loan, I threw out a veiled threat to go after half of her inheritance from her recently departed father (which I really did not want to do). The next day she was at the bank refinancing it into her name. I still have the pen she signed the loan documents with. My co-workers have been warned to never touch it since that pen is worth $18,000 to me. :D

P.S. The dumbest thing I ever took out a loan on was for (barely used) exercise equipment. I had the cash at the time, but went for the ZERO PERCENT loan. The balance eventually went onto a credit card which in turn was refinanced into my mortgage during the divorce.

30 years to pay off exercise equipment? DUMB DUMB DUMB...

sahota7 09-30-2008 02:53 PM

Re: Dumbest thing you ever took out a loan for.
 
I think I can win this, I took out a 10,000 loan in order to fund a CEMAP training course I took. Now this is silly because Cemap is no where near that cost! But silly me at a very young age didn't realise! Heads up to those wanting to learn cemap, spend 110 on the manuals from the FSA and thats all! Not 10,000. I laugh at that now, lucky for me its all paid off thanks to my investments.

rogerthert 10-29-2008 08:21 PM

Re: Dumbest thing you ever took out a loan for.
 
Wheew. does anyone post on this anymore? Well i found this post interesting, so I figured I would.

I've never taken out a loan per say, I'm only 22. But i have plenty of debt. If you count a high interest credit card some form of loan, then count me in.

I received a c/c when I was 20 and unemployed while in college. They gave me a 2,100 limit with a 24.9% interest rate. Within months I had spent about half of it, so what do you know, they gave me a credit line increase, and another, and another...By then, my stupidity had gotten me up to $3,400 in cc debt. And what do I have to show for the 3,400 I spent??

NOT A THING!!!

However, I threatend to cancel my card membership, so they gave me a decreased interest rate...Now i'm paying 17.9%...Not much better. Oh well, live and learn.

donnyg16 10-29-2008 09:41 PM

Re: Dumbest thing you ever took out a loan for.
 
I took a loan out to fix my car and I am mad that I did because I got a horrible interest rate.


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