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Loans Should Be Used As A Last Resort Only
I think far too many people get into debt by taking out loans, I don't think they should be allowed to take them unless it is proven to be the last resort, for their own good.
 MaYbCaKe  06 Nov 2008 19:19
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Someone has to pay the piper.;-))
 
 keepmindok  07 Nov 2008 08:09
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Yes and no. You shouldn't just say, "Screw it I won't save for the house. I'll get a loan", but at the same time who can really by a house without a loan? I think a better title would be "We should rely less on loans" because we do need loans, but many just take the biggest loan they can and that is not financially responsible or safe.
 
 Specter87  06 Nov 2008 20:09
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People take out loans because they cant save enough money at one time to buy a house. Can you save 200,000 dollars for a house. No its easier to pay for it a little at a time.
 
 mordsith  17 Dec 2008 04:58
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The whole world is run with loans. What are bonds? They are loans offered by governments and corporations at a fixed interest rate. What are mortgages? They are loans to allow people to leverage their meager cash into a real estate transaction they would not otherwise be able to afford all at once. What does the World Bank do? Offers loans to 3rd World countries.

The only thing wrong with a loan is when either party to the loan (loaner and recipient) don't pay attention to the details.
 
 achmed  09 Nov 2008 02:30
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"Yay! Free money!"

*gets loan*

*goes broke*

*obama steals from the rich and solves the problem*

as you can see from this example, there will be nothing wrong with taking out loans you cant afford for another 4 years.
 
 ur_wrong  07 Nov 2008 01:17
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 And what about those who do not live in the US?
by  MaYbCaKe
 07 Nov 2008 10:39
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