I think it's fine to get a loan to buy a car or a house or anything... as long as you have a true understanding of what the loan charges make the final price of your purchase and can afford that price in the time you have specified you will repay it.
Unfortunately this is not the case too often. "Trading Up" when you still owe on your previous car -for example- often does not fit this criteria. But then, let's look at who's pushing this idea...
But -to go completely off-topic- I don't think this is the worst scourge right now. I think cellphones are the new cars..... Own up -who's family cellphone plan is more than their car payment? and how often do you "upgrade"? Hmmmm
__________________
The most difficult thing is the decision to act, the rest is merely tenacity Amelia Earhart
|