I’m quite proud of myself. You see, last year I took up snowboarding and spent 7 days in Italy having the time of my life. But the trip wasn’t cheap and I had to take out a loan to pay for it. Now I know this isn’t the type of thing that you normally borrow money for but I set a deadline for myself that I would pay off the loan by the end of the year. And guess what – not only have I paid off the loan but I already saved up half the money for next year’s trip (It’s only a few months away now).
The truth is that if you have a plan for paying it back there really is no reason not to take out a loan when you can use one. Also, banks are offering some great rates nowadays on homeowner loans. As a rule, if you can you should stick with secured loans since they are typically much cheaper than unsecured loans.