Any tax advantages?

[crisi]

You guys are right, I was a little too adamant about my never.

There are cash flow reasons to take out a loan for a non-necessity (and we've done that ourselves). But you should be educated as to why you are doing so. Paying $1,000 on interest just to save $300 in taxes is not usually a good move - but one that a lot of people believe is a good move.

 

[Buttercup Roberts]

You guys are right, I was a little too adamant about my never.

But I do have sympathy for that kind of position -- my grandfather lived by it! He built a business in the middle of the Great Depression and was able to weather ups and downs because he never ever borrowed for anything.

My dad, the next generation, had a slightly laxer policy - never borrow unless it's for your house or your education.

My generation, we are certainly a lot looser with credit. My husband and I are newlyweds (May! ) and as we are getting our finances in order, that's been my #1 focus - NO MORE CARDS. I want to use our credit card to rent cars, and *maybe* we are thinking about getting a Disney Visa and playing the rewards points/pay it off in full/charge gas and groceries game, but that's it. Emergencies and vacations and Christmas needs to be cold, hard-earned, saved-up CASH.