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

rogerthert 10-29-2008 09:06 PM

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

Originally Posted by donnyg16 (Post 9529)
I took a loan out to fix my car and I am mad that I did because I got a horrible interest rate.

yep, they'll get ya. gotta understand/read the fine print. we've all done it! it's no fun.

bcsman 11-16-2008 04:46 PM

Re: Dumbest thing you ever took out a loan for.
 
I decided to take out a loan for a new big screen tv from Circuit City with the "90 days" no interest. Being sure of myself that I would pay off the loan within the 90 days. 4 years later I am still paying, and have since also purchased a newer technology Plasma television (with cash).
I have learned that buying technology through loans is not a good idea!

Thomas

bizzaro 01-25-2009 05:44 PM

Re: Dumbest thing you ever took out a loan for.
 
an engagement ring. i didnt want to pay the finance charges at the jeweler [another mistake going to a retail jeweler]. i took out the loan from the fed credit union i belonged to in the air force. and then the marriage died and i was still paying for the ring.
thankfully she gave it back and in a lesson to myself [however stupid it may seem to an outsider] , i pawned the ring for pennies and drank it up at the dive bar next to the pawn shop.
i could have sold it and paid the loan off. i could have sold it and did anything with the money. but instead i had 3 beers and several shots. not in misery of divorce, but in anticipation of freedom! :P

shahab6 02-09-2009 02:06 AM

Re: Dumbest thing you ever took out a loan for.
 
the dumbest loan I have taken out so far is for a car, expensive car that I can't afford.

bdsctx 02-09-2009 07:40 PM

Re: Dumbest thing you ever took out a loan for.
 
very funny but at the same time...very true

RobertD 02-20-2009 07:57 PM

Re: Dumbest thing you ever took out a loan for.
 
The dumbest thing I have ever borrowed for a car, but it was not the interest rate or payments that was the bad part, it was putting up with the lender.

You see in 1979 straight out of school (a $7490.00 shiny new 79 T'Bird) I had two choices to borrow the money 14% from the bank or 0% from my grand parents I took the zero percent. My grand mother got her money's worth by nagging me for the whole time. It was so bad that I cut all my spending for 10 months just so I could pay them back faster.

Money is not the only way it can hurt, that is why I am trying to get people to budget more.


AnthonyHoeffer 02-23-2009 07:27 PM

Re: Dumbest thing you ever took out a loan for.
 
I think I have most of you beat, me and my wife had to take out a loan for credit cards bills once.

I'm glad I got my life turned around since then. :p If you want to know how I did it please visit my site in my sig. I came to this forum to help others become debt free quick and easily because I know how it feels to be broke and feel like you're getting nowhere with your debt.

alpha_academic 02-25-2009 10:26 AM

Re: Dumbest thing you ever took out a loan for.
 
I think one of the dumbest things I have ever heard of was something using margin on their brokerage account to buy a stock of a single company. There is a lot of inherent risk on owning a single company, and using borrowed money to bet is not that smart.

ipreferamediumroast 12-01-2009 08:29 PM

Re: Dumbest thing you ever took out a loan for.
 
When I lived in Cleveland in the late 90s, the banks were offering loans for people to buy personal seat licenses to the new clevleand stadium. Sad!

littleroc02us 12-17-2009 10:45 AM

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

Credit Girl 01-05-2010 03:12 PM

Re: Dumbest thing you ever took out a loan for.
 
I havent taken out a loan yet but something that I will have to take out a loan for in the future is my education and I think that's absurd but necessary as i will probably take a lifetime to pay it off. Let's hope i get a good interest rate.

SunnyMay 12-26-2018 01:55 PM

Re: Dumbest thing you ever took out a loan for.
 
I've spent hell of a lot on my drum set. But now I am glad that I did it because it's a lot of pleasure to play and even to search for some information on resources like https://musiety.com/the-best-snare-wires/ to solve some problems and issues that are constantly appearing.


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