Right time for loan

[connor_us65]

Hey,

with the way that the market is going at the moment, Oil prices going up, the cost of living shooting through the roof, is it a good time to get involved in a personal loan, because the government may drop interest rate to alleviate the pressure that has been placed on families?
Cheers

[Critter]

Why depend on the government? Live beneath your means and do your own “alleviation of the pressure put on families.”

I’m not trying to pick on you personally, but I for one am pretty tired of people borrowing money and then expecting other forces to bail them out.

[aztecnology]

“because the government may drop interest rate to alleviate the pressure that has been placed on families?”

What happens if they raise rates…?

[mixxalot]

How to Budget

I agree. As a technology professional, I budget and save 50% of my earnings and have paid all debts except for the last one which should be paid off this year. I cook most meals and keep to a budget. My rent keeps going up so will probably share a place with roommates to cut rent bill in half and wait on the sidelines for the real estate market to implode. Its still a lot cheaper to rent unless you make over 200k a year and have zero debt.

[gold_dredger_phd]

Yeah, you do need to make over $200K per year in order to afford a house by reasonable standards in this county unless you want to live 50 miles from the coast or live in a dangerous neighborhood.

I know a guy who makes low 6 figures and he’s got a huge house loan. He sleeps in the laundry room and rents out the real rooms in his house to make ends meet.

I would not try to guess what direction interest rates will take. If they really will lower interest rates, the economy may be so bad that you may not want a house or you will not have a job.

If I could leave southern California, I would.

[Anonymous]

g_d_PhD, why can’t you leave SoCal? Family? Hard to replicate your current job elsewhere?

[Author]

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