I remodeled a bathroom last June. I used a large statewide company and got 0% for a year. Already paid it off. That's like free money.

I remodeled a bathroom last June. I used a large statewide company and got 0% for a year. Already paid it off. That's like free money.

Yes that is brilliant. You can’t afford it now while you are working so rob from your retirement that you will be depending on when you no longer have a paycheck.

I really don’t agree with a lot that Dave Ramsey says and am not just preaching his kool aid. If you need a loan for a home get one. Buy something reasonable that you can afford. If you need a car loan get one but buy a modest used car. If you are not paying cash and have to get a loan so that you can have transportation do it but get something frugal. If you need a loan for some sort of business venture that is going to make you money do it.

However getting a loan to buy something you just want that isn’t absolutely essential is about as stupid as it gets. Ever notice how the banks have the nicest and largest buildings in town? It’s because of schmucks who can’t wait to have stuff and finance it instead of saving up and waiting.

A HELOC allows you to write off the interest yes. Depending on how much you need, a home equity loan might make sense but would come with more costs up front than a personal loan. However, the rate would be lower than a personal loan and term more favorable in most instances.