Know When To Take Out A Loan or Use Your Savings!

It’s always best to avoid taking out a loan, but sometimes borrowing money can actually work to your advantage.  Let your money work for you by making sure your savings is in the most profitable place possible.  If interest rates are low, compare what you’ll spend in interest on a loan versus what your cash could earn if you invested it.  If you can earn a higher return from investing that money than what you will end up paying in interest during the life of the loan, borrowing a small amount at a low rate may make sense, because you will actually be making the cash to pay off the interest …and then some!

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