Family Finance Lifestyle

Five Times Borrowing Money Is A Good Thing!

No matter who you ask, there will always be people who tell you not to borrow money – in any circumstance. If you read any papers about finances or you read the regular newspapers, you’ll also see a lot of information telling you not to borrow anything because the economy is bad or the banks are broke – or some other reason to make you think that debt is the new plague. Of course, it’s good advice for the most part. If you’re fickle with your money or you have a lot to consider with your finances, then you need to know that debt isn’t always a bad thing. It’s not always something that’s going to jump up and bite you in the behind just because there is something you need. 

Denying that debt is useful sometimes is another way to bury your head in the sand. There are some instances in life where debt is necessary. As long as you have a plan to repay it on time, then it shouldn’t be a problem. Let’s take a look at when it’s good to borrow money so that you’ll forget feeling guilty!

Person Holding Pink Piggy Coin Bank
When You Need A New Car

Cars are only a necessity when you need them to get from A to B. if you want a car, but do not need one; then there’s no point in getting into debt for one. Websites such as make it easier to get the credit you need to get your wheels. When your car breaks down, and you need a replacement, borrowing money can be the answer to your stationery woes.

When Your Health Is At Risk

You can plan your finances as much as you like, but there could be times where you need to borrow that little extra money to ensure that you can pay your medical bills. You shouldn’t have to worry about paying for treatment, so borrowing money here makes sense.

When You’re Moving Last Minute

Moving house costs a lot, and most people plan a move in advance. The issue comes when moving is last minute, and there’s no time to save up the cash. Borrowing the money now and knowing that you can afford to pay it back later is always better than being stuck and unable to go anywhere.

When You Are Going Back To School

Headed back into education? Borrowing money is a good idea here as it’s not really borrowing money. Instead, it’s investing in your education with student loans. You are going to better yourself and improve your prospects when you borrow money to go back to school, and so this is definitely one of those times where a loan is a good idea. There are good debts out there, after all!

When You Buy A House

Lastly, a mortgage is the most significant debt that you could ever have, but no one sees it that way! Buying a house puts you thousands in debt while you spend a sizeable chunk of your life paying it off.

*This is a collaborative post*

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