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Personal Loans Discuss personal loans, secured and unsecured, and general borrowing.

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  #16  
Old 03-09-2008, 11:32 PM
BillCollector BillCollector is offline
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Default 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.
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  #17  
Old 04-06-2008, 12:46 PM
maat55 maat55 is offline
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Default 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.
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  #18  
Old 04-07-2008, 06:37 PM
jeff jeff is offline
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Default Re: Dumbest thing you ever took out a loan for.

Yes...Funny and sad Mr GarySpicuzza...Good Luck Friends
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  #19  
Old 05-15-2008, 11:33 AM
natescashmoney natescashmoney is offline
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Default 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.
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  #20  
Old 05-22-2008, 12:38 AM
shahab6 shahab6 is offline
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Default Re: Dumbest thing you ever took out a loan for.

I once took out loan formy stereo
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  #21  
Old 05-22-2008, 02:10 AM
stockmarketreviews stockmarketreviews is offline
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Default Re: Dumbest thing you ever took out a loan for.

hmm i have never taken a loan
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  #22  
Old 05-22-2008, 04:30 PM
spencer24 spencer24 is offline
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Default Re: Dumbest thing you ever took out a loan for.

I avoid debt at all costs.
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  #23  
Old 05-23-2008, 03:08 AM
sahilmiddha sahilmiddha is offline
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Default Re: Dumbest thing you ever took out a loan for.

i took out a loan for my room furniture, which is dumb for me.
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  #24  
Old 08-19-2008, 06:48 AM
jerrymind jerrymind is offline
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Default 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.
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  #25  
Old 08-20-2008, 01:24 AM
the dude the dude is offline
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Default 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.
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  #26  
Old 08-26-2008, 08:05 AM
www.BalanceTransfer.cc www.BalanceTransfer.cc is offline
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Default 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.
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  #27  
Old 09-26-2008, 06:07 PM
kjb516 kjb516 is offline
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Default Re: Dumbest thing you ever took out a loan for.

Quote:
Originally Posted by Fred333 View Post
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.

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...
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  #28  
Old 09-30-2008, 01:53 PM
sahota7 sahota7 is offline
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Default 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.
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  #29  
Old 10-29-2008, 07:21 PM
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rogerthert rogerthert is offline
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Default 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.
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  #30  
Old 10-29-2008, 08:41 PM
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donnyg16 donnyg16 is offline
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Default 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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