Loans Should Be For Appreciating Assets

Paying Off Loans

It is generally only advisable to go into debt for an appreciating asset such as a house or land and not for items like a new car or holiday. So only consider taking out a personal bank loan if it is absolutely necessary and you are extremely confident about paying off the loan in as short a time as possible because the interest rates on personal loans is relatively high. It is much better to adhere to the old adage of "if you can't afford it then save, save, save until you can".

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