I know someone who took a loan to start a business. She got into the wrong business. Business failed and to be closed down after several months. She borrowed more money to attempt a resurrection. It didn't work. Right now, barely manages to get by with very little money and will be repaying her loans for the next ten or so years. She sure does regret having taken the loan because before then her life was a lot more comfortable.
Well, i regret the amount that we took out for our mortgage and for our car as well! So I guess I regret the amount of the loan but not the actual loan if that makes sense. I also regret racking up credit card debt. i tried to start a business in 2007 and put in credit cards. I look back and am like "What on EARTH was I thinking????" fortunately I have paid it off by now but still have just a little bit of debt left.
I always think twice before taking a loan, in the past I've used to take loans so easy and then spend them careless, but I've revised my behavior because I was simply wasting too much money that wasn't even mine.
I definitely consider it for a long time before taking out a loan. I calculate how long it would take for me to repay everything, and how much interest rate I can burden. I am a big supporter of the saying to measure twice and cut once. Fortunately, so far, I've only had to take out student loans, and here in Canada the interest rates are reasonably low. I've also supplemented myself with a part-time job income, so I think I can definitely repay all of it back by the time I graduate.
I took out one of those payday loans when I was in my early 20s. I paid it off but never again. NEVER again. Within 24 hours they were calling me at my house and work. Emailing me. And even when I paid it off within a week they charged me 20% interest upfront or something to that affect.
I took out loans for school that I have STILL not started paying them off. I don't regret it or anything, I wouldn't have been able to afford to go to school without it. Yes, I do think that I will be paying it back for a long time, but I also think school has helped me view a lot of situations extremely different. School has really taught me that as long as you have the ability to think then you will always have the ability to succeed. Some people will think that they were able to accomplish the same things and didn't have to go to school at all, but I honestly think that college was the best thing I could have done. It gives me the best chance at success.
