If you want to take out a loan despite debt, then it is certainly a rather double-edged sword. Because there is a real danger that your own lifestyle and consumer behavior will largely decouple from what would actually be appropriate or affordable for the given salary.
The most uncritical is the loan, which is intended to merge existing individual loans and, due to the low interest rate phase, can also save one or two dollars in interest expenses. But if it is an additional “new loan” to be taken, caution is advised – so that a spiral of indebtedness does not start. But how do you best do it? And avoid the most common pitfalls? Read more:
Check the intended use self-critically
If you want to take out a loan despite debts, then you should pay particular attention to the purpose: If you only want to fill holes in the monthly shortfall of costs, then this loan is not a good answer to any financial problems. Then you should check all items on the income and expenditure side to see whether they are really necessary or whether many subscriptions (e.g. for gyms or PayTV) are more of an old habit than the current consumption and enjoyment behavior. Sometimes there are several cars in one household, even though the job is only a few meters from an S-Bahn station. But if you need the loan for long-term purchases, then there is actually nothing standing in the way of a loan despite debt!
Don’t plan every single cent
Every consumer loan is based on the lender’s trust in the borrower. Therefore, if you take out the loan despite debt, not every single cent of the monthly surplus should be planned. Allow yourself some financial leeway for experiences or weekend trips as well as sudden repairs. How much leeway you should have depends on you and your family. It should be clear that a surplus or reserve of 10 dollars is too low. So take the sudden defect of a kitchen appliance or the television into account and finance its new purchase (perhaps in a smaller version) from this monthly surplus.
This gives you an alternative to the investments that are due immediately and that other households have saved to cushion such situations.