Would you take a loan to pay another?

Discussion in 'Financial Planning' started by remnant, Jun 7, 2016.

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  1. Vinaya

    Vinaya Expert Member
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    Taking a loan to pay a loan is not a good idea. Loan should always taken for investment purpose. If you take a loan and invest in some profit generating business, you will make more money than what you are paying to the bank. This is the real purpose of taking a lon. You should neve take a loan to pay loan. However, sometimes it becomes necessary to take a loan for paying loan, especially your previuous loan has passed through repayment date.
     
  2. overcast

    overcast Member
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    I am building life in such a way that I don't have to take loan from anyone. I saving money whenever I want and making sure that I have more saved than spent. I make sure that there is always new source of earning. And I try not to get over the source of earning. This way things get properly managed. This is not easy though. It takes time for being in situation where you are self sufficient.
     
  3. streettallest

    streettallest New Member
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    Thats not a good idea at all. it means you are just moving around in the same circle. How are you certain the is perceived heresame reason you couldnt repay the first loan wont happen again? I dont like taking loans though maybe its because of how loan
     
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