9 Things You Should Never Borrow Money For

4. An Engagement Ring.

9 Things You Should Never Borrow Money For

Even worse than borrowing for a wedding is borrowing for an engagement ring!

You might want to think twice about whether your girlfriend is the perfect person for you if she insists on getting married only if you spend $10,000 on a ring. If love has a price, you can be in for a lot of problems. Love shouldn’t have a price.

You most certainly don’t want to be saddled with paying for an engagement ring for a woman who broke up with you five years ago because she found someone with a bigger bank account.

5. Home Electronics and Furniture.

9 Things You Should Never Borrow Money For

One of the easiest things to finance is home furniture and appliances. Unfortunately, there are many of companies that finance sofas, HDTVs, washers, and dryers, among other things.

These purchases may be attractive due to the rush of quick fulfillment, but the majority of them will put your finances in a longer-term state of instability. Only buying a washer and dryer, which would eliminate the need to pay for laundry services, would be a sensible investment.

Most often, loan interest rates are astronomically high. So do yourself a favor and set aside money for this purchase.

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