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Endaar:

--- Quote from: ark_ader on October 21, 2010, 05:56:30 pm ---It is a hard lesson to learn - but you have to live within your means.

Don't have the cash for the basement? Save up.

Need cash for a new car? Save up.

If you have been paying on time and clearing balances on cards, that is normal. You are expected to do this. It just means you are a responsible adult.

You do not get any brownie points for it. But I'll :applaud: you for it.

I think the bank is doing you a favor.

Call them up and thank them, and learn from it.

Stay liquid and buy gold.

--- End quote ---
Pretty harsh response that seems completely unwarranted. It sounds like they ARE living within their means. Maybe they've done the math and would rather take a loan at a low rate rather than selling investments, etc. You have no idea what their circumstances are and yet you jump on them for wanting to take a loan.

Incidentally, you do realize that gold is about as illiquid an asset as there is...

Endaar

Ed_McCarron:
"Maybe they've done the math and would rather take a loan at a low rate rather than selling investments, etc."

In a lot of cases the interest on the loan can be deducted from your taxes -- a savvy accountant can make a loan pay off.

javeryh:

--- Quote from: Ed_McCarron on October 22, 2010, 08:54:31 am ---"Maybe they've done the math and would rather take a loan at a low rate rather than selling investments, etc."

In a lot of cases the interest on the loan can be deducted from your taxes -- a savvy accountant can make a loan pay off.

--- End quote ---

Good thing I'm married to a savvy accountant! My CPA wife handles all of the finances and even she cannot figure out why the bank wouldn't give us a decent-sized loan.

pinballjim:
Saving up a huge chunk of money and then blowing it on a single project or item is one of the stupidest moves ever. What happens if there's an emergency? You can ignore loan payments for awhile if you have to.

--- Quote from: Endaar on October 21, 2010, 06:43:56 pm ---Incidentally, you do realize that gold is about as illiquid an asset as there is...

--- End quote ---

He's been corrected on that numerous times. :P

Benevolance:

--- Quote ---If you have been paying on time and clearing balances on cards...it just means you are a responsible adult with impeccable credit and should have no difficulty securing a loan.
--- End quote ---

Edited for correctness.

Have you considered hunting down a private source of funds? I've known a number of individuals that secure loans/mortgages through private lenders rather than through banks. I'm in a different country, but you've got to have similar stuff in the USA. Private lenders tend to be more interested in evaluating the actual quality of a risk as compared to the banks.

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