Use cash advances wisely
By sparchi on Jun 13, 2009 in Finance
With the financial markets the way they are today, even considering taking out new loans may be deemed foolish by some experts. The challenge with those folks are they probably do not need to have the money that would be loaned to them to begin with.
Of course, getting money for the sake of having money must make financial sense. If you are simply going to put a down payment on some toy or other item that is not truly necessary to your continued existence, you may want to think twice; or 3 times before signing the papers. Something that may not be required right now: a new jet ski.
If however you need to make repairs to your car and you just don’t have enough cash to cover the costs, then it can totally make financial sense to consider cash advances. If you cannot get to work and earn your paycheck then you will be broke.
If, with the assistance of an advance, you are able to get your car or truck fixed and are able to continue working and earning your paycheck, then you will have made a wise financial move. Just stay disciplined, pay back your advances, and work towards being able to afford monthly payments on a new, healthy automobile!
6 Comment(s)
By Brandon Baker on Jul 1, 2009 | Reply
That all sounds right, of course. But what about taking out a loan to take advantage of this market in terms of buying stock or real estate? I’ve been considering doing this but it would stretch me pretty thin. Just seems like the payoff could be so enormous.
By Branson S on Jul 1, 2009 | Reply
Some of us are taking out loans just to keep our houses right now. I’d love to sell it but I’d actually lose money on the deal. So I’m trying to hang on to a house I can’t afford just by taking out loans. I fear I’m headed down a slippery slope!
By Brian Baker on Jul 1, 2009 | Reply
I’m considering getting a personal loan to help my son in college this semester. He’s just on the bubble in terms of earning back his qualification for Federal Aid, but in the meantime, he has to keep earning credits. I’m not sure which direction to head for a private loan, though.
By Clark Little on Jul 1, 2009 | Reply
Why is considering taking out a new loan thought of as foolish by financial experts? I thought they wanted us all to keep the economy moving, and for banks to free up more lines of credit. Aren’t interest rates at all-time lows right now?
By Cindy on Jul 1, 2009 | Reply
The reason maybe that some think it is foolish is because people are stretched thin already and maybe cannot make the payments. Or if something goes wrong you might have to declare bankuptcy. But if you’re trying to get ahead in this current market, that is up to the individual to decide.
By Dan Compton on Jul 1, 2009 | Reply
Staying disciplined is easy–it’s the world itself that makes the payments hard. Try having two kids in college plus a two year-old in daycare just as this crummy economy hit. They boys’ college fund tanked. So now I’m taking out loans just to get through this next four or five year period.