Do you think it's stupid to take multiple loans simultaneously?

[fonduegirl]

Through cards and online banking, for personal services and products.

[Telekinetic-Potato]

Little bit of credit advice for any young people. Here's something I recently learned from experience.

Those store cards you got to build up your credit are going to royally fuck you one day, get a normal credit card you can actually buy stuff with and you will be much better off.

The banks know how much buying power you have but the don't know the terms of that buying power.

For example, I have a credit card with a 10k limit. That's 10k in buying power I have, but because of my store cards I've gained over the years, my credit report says I have 68k in buying power.

Here's where it starts to matter. I had a very rough past few months financially. I had to buy a cheap car quick and I had to suddenly essentially empty my bank account.

When I went to take a loan, I got one for the car and I planned on taking another one out to consolidate my debt so I wouldn't pay so much on interest.

Only for me to find out that I had to close my other cards first because I had too much buying power on record.

Even though the credit card I was using only had a limit of 10k

[razelove]

I do think it's stupid, but sometimes unavoidable. Having a mortgage is a loan, same with a car note, a credit card is a line of credit that counts as a loan, it is not rare at all to have all three simultaneously.

You may have all three and need to take out a personal loan to fix up your house, invest in new equipment for your work, or feel an intense need for kicking rims or whatever.

It's only stupid if you take them out under your identity knowing you don't have the means to pay them off, or will be in a tight situation for an extended period of time trying to.

[laurieluvsit]

You never want to be a slave to the Central Bank.

The origination and current operation is generated from the pits of hell.

Read "The Creature From Jekyll Island" and you will see what is going on in America and around the world right now in our debt slave fiat money system which is in the midst of crashing down all around us as we speak.

Once you understand that inflation is a fiat money crash and that for example, gas and food prices are not going up, but in reality the value of the fiat dollar is crashing down... now your eyes will be open.

[midnightmoon05]

Great question for your age…
many said yes…

listen to Dave Ramsey…lots of great examples… why debt free is the path to go.

[Fireguy17]

Yes, you have to pay all of that money back, and the interest rates and amount can strangle you.
Pay off your debts, save up for what you want.
Just because you can doesn't mean you should.
Predatory lenders can make it sound good and easy.
Look at the interest rate, and the total amount you will have paid at the end of the loan.
Say you borrowed 20 grand, but when you make your last payment at the end of the note you will have paid 42 grand.
Those are just arbitrary numbers, but examine the terms carefully.
If you owe that much money, and don't curtail your spending you will never get out of debt.
I have a friend that has done that his whole life, he has borrowed all of the equity out of his house, he owes more on his truck than what it is worth, credit cards are maxed out, uses his vacation money from work to help pay his takes, is always broke, and can't go anywhere.
Not a fun filled lifestyle.

[Adam1978]

It's stupid to take a single loan for that reason. There is only three categories that you are allowed to borrow money for. 1) education that is going to give you a good paying job, 2) a house you can afford to pay off in a decade or two, 3) a car or other expensive gear needed to perform your job so you can earn money. Everything else should be payed with money you already earned.

[AviatorTom]

It's okay to have separate car and home mortgage loans, and maybe a college loan and home equity loan, but more than that is problematic. In particular, the companies that try to get you to consolidate your debt into one loan are predators... stay away from them.

[Guy13]

Do you mean can God glorify Himself through Natural disaster? Use, however, Man made Virus not God. Man took a piece of this and that and combined it into a depopulation tool, not God.

[andreasderjuengere]

Taking a single loan already means to enslave oneself to the monetary system.
you loose your freedom - and onwards you work for the fucking banker.

[genericname85]

depends on the country you live in. where i live, this is dumb. but i hear in the USA, that's actually sort of smart, cause that rises your credit score (as long as you're able to pay the down payments obviously).

[sawno]

Obviously. Don't loan something you can't pay back.

[bowenw]

Yes. Try to live within your means and borrow only for large purchases like automobiles and real estate.

[EnglishEuropean]

It depends what the loan is for. If it's something you need like a house or a car, okay.

[SlothySlob]

Ah too board of a question the simply put a yes or a no.

[Hector93]

Taking a loan is usually not the best option unless It's a necesity, you lose money in that exange

[exitseven]

It does not look good on your credit report so I think it is stupid.

[motownplayer2000]

Yes. You only need to take loans out if you have too. Not just because

[Wise4myage]

Id find that very stressful, but more power to you if you can pull it off. Why not consolidate?

[IsoUser]

No Offence meant but it sounds like you're in a pyramid scheme Lol

[shortster]

Depends on what the loans are for and the terms; but from what you said, yes.

[jshm2]

Depends where the money is going.

[FilmGuy93]

Yeah, that's usually a bad idea.

[jamesgoldman]

Yeah unless you can make money doing it

[weirdoweirdo]

Yes it's incredibly stupid.

[jahaims]

Would depend on the situation

[Pudsmucker]

I would say. Learn to live on a budget.

[EaterPeter]

I won't say stupid tho I would say not so smart

[Ballsack]

Taking a loan is already stupid

[Tstrbrainer]

Why should it not be?

[EdwinLivingston_]

Yes it is

[roy_ricky09]

Ofcourse...

[The_Naughty_Guy]

Yes it is