Do people take out loans for trivial reasons?

Answer 1

There is almost nothing in this world that is not bought on credit. So, YES

Answer 2

In the US we are currently carrying 920 BILLION dollars of debt a month.

Thanks to congress our minimum payments went from 1% to 2.25% resulting in an additional $11 billion dollars a month being sent to the finance companies and banks.

Add that increase to the increase in gas & utilities.

Now add the lied about inflation rate, as any mother who buys groceries can tell you.

Then realize that we are in the midst of a recession, mainly due to two industries becoming money grubbing pigs (gas/oil & credit companies).

No wonder foreclosures are up and consumer spending is down. Many of us are begining to see that we have been screwed by our congress in the name of record profits for the banks.

But things didn't quite work out the way they thought they would. HA!

So the days of "trivial" loans are over. I think the days of loans to pay heat bills and buy groceries are closer.

And once the credit cards are maxed out, the days of record number of bankruptcies will be coming.

Answer 3

They sure do. I was a loan officer at a bank for 8 years, and saw all kinds of trivial reasons that people borrow money. After a while, it doesn't really phase you anymore. Everyone's got their own agenda.

Answer 4

Some people do, I don't. I have only ever had one bank loan (apart from my mortgage) which was for new windows and I try to only use my credit card for essentials too.

Answer 5

Very often,,, Don't think of the consequences,,, Very often the item is not essential...