So, let's hear the what why and when of this story from everyone.

For me it was a computer, souped up to the nines with every bell and or whistle I could add.

Why?: My other computer couldn't play the new video game I had bought.

When?: Last September

Now, to make this perfectly clear, at the time I was told that my employer would reimburse me for a computer, however I had not achieved the full-time status necessary for that yet, so I wound up paying out of pocket.

The good news: There wasn't any interest on the loan for 2 years, so I was able to pay it off on my own about 1 month after my wedding in January.

The lesson that I learned: Don't buy what you can't afford. If I would've saved my money I would have paid less because there would be no interest charge on my purchase.

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Never sign intellectual property agreements...

I took out a loan for living room furniture when I was just starting out. Dumb, dumb, dumb is all I can say on this.

We did this, too... never occurred to me at the time that it may have been a wiser choice to buy used stuff and go for the new in a few years. In retrospect, it wasn't as bad as many other things would have been, though... like we didn't buy new cars, kitchen appliances, and so on. So maybe it was a nice balance after all. I really hate loans now.

When we bought our first home, the basement was not finished. We didn't really need the space so we left it alone. Then when our first child was born, we really, really needed the extra space. So, although we had to stretch our budget, we got a home equity loan to have the basement finished. We chose a good company, and the work was great, but the loan we got was terrible.

It was an adjustable rate loan, with automatic increases regardless of prime rate, so although we've been in a low-interest environment, the rate has continued to increase. Fortunately, we refinanced out of it to a fixed loan, but not after taking on considerable interest and penalties. This is what can happen when emotion overrides logic. Had I simply done the math/economics I never would've done it!

Good advisors are as much psychologists as anything else, and can many times help save you from yourself. Unfortunately, in this case, I talked to a good salesperson and not a good advisor.

I took out a loan for furniture at 20% interest.

If I could go back I'd just sit on the floor - I do that now anyway.

I took it out for my ex-wifes car. Like I said ex-wife. Still paying on it while she drives it around.

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Small Business Cash Advance / Wall Street Journal Online

Fred333 wrote:
That's funny! ...and sad...

I can't recall who said it but some celebrity was asked if he'd ever remarry? He said, "Why bother, just go find a woman you don't like and buy her a house!"

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Gary Spicuzza, *SAFE
Copyright 1956
No Rights Reserved
*Self Appointed Financial Expert

LMAO...very funny but at the same time...very true.

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It is not smart to play it safe but it is safe to play it smart.

I took out a loan in order to buy my firts computer. I wanted to use the computer to generate a part time income. Fortunately for me, I was able to repay the money without stress. The lesson I learnt is that it is good for you to take out a lona only and if ony you are sure it will generate enough money for you to pay back.

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Debt Consolidation
Consumer Credit

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, no?

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Kevin Karve - Online Loans & Financial Support