Taking a loan for our dream holiday?

zippygeorgeandben

Really sensible advice here. It's not like you'd even be spending £2500 for something you see for the efforts. It's a holiday and you'll only be left with memories.
Believe me, Japan is on my hitlist as well. I went to Kuoni, looked it up myself etc and there's no getting away from the fact that it's expensive if you want to splurge.
I'm contemplating seeing what it will cost in 2020 and saving this money each month leading up to this point.

nicter

Japan also has an incredibly high cost of living so need to factor that in too

mustiuc

I just been to paris for christmas and my wife's bday. "It doesn't matter how much it costs, life is too short to waste it".
If you cant afford the holiday now, you wont afford it even later and sooner or later you will borrow money for it. It.s your choice if you want to be in debt now or later.

Dettol

Dvekavo wrote: »

How many people here have taken a loan for your dream holiday? I'm thinking about taking out a loan to both consolidate debt and go to Japan for two weeks.

We have 2.5k on our (interest free for another year) credit card and are paying it off at between £200-500 per month, but always end up eating into overdraft by the next payday. My wife has been out of a job for a while which is what made us go onto the credit card for a while but now she's working again. Paying off a 1k couch at £30p/m and a PlayStation that was bought for Xmas at £30p/m for a year. My wife's visa extention is next year too which is going to be about 1.5K.

Income is 1.7k and wife's is 500 per month. Bills (including those above apart from the credit card) is about 950 per month... No idea where the rest of it goes... I've always been good at paying things back, never been good at saving... We have 0 savings...

Without getting into it too much, 2018 has just been such a bad year for us both and our dream holiday would just make us feel so much better... So, do you think getting a loan is a good or bad idea? Would probably be a 7k loan over 5 years to pay everything off and book our dream trip... Good idea or bad? What would you do?

All the above advice is sound advice...however we dont know whats around the corner,Brexit..collapse of Europe...World war 3 or the next ice age.

Ok ok ok so maybe not collapse of Europe as thats just plain silly.:D:D..but point is we dont know whats going to happen,grab life now and enjoy it,borrow the money but just make sure your in a position to repay it.

Were not here for very long...grab life and enjoy it.

boo_star

Dettol wrote: »

All the above advice is sound advice...however we dont know whats around the corner,Brexit..collapse of Europe...World war 3 or the next ice age.

Ok ok ok so maybe not collapse of Europe as thats just plain silly.:D:D..but point is we dont know whats going to happen,grab life now and enjoy it,borrow the money but just make sure your in a position to repay it.

Were not here for very long...grab life and enjoy it.

That's incredibly bad advice.

The OP can realistically repay their debts within a year and if they keep their belts tight could save up for the holiday in 1 1/2 to 3 years.

That's far better than being saddled with more debt. And that's assuming they'd get it at a decent APR. It looks like they'll be going over 50% of their income as credit which almost always attracts poor APRs.

Pixie5740

mustiuc wrote: »

I just been to paris for christmas and my wife's bday. "It doesn't matter how much it costs, life is too short to waste it".
If you cant afford the holiday now, you wont afford it even later and sooner or later you will borrow money for it. It.s your choice if you want to be in debt now or later.

That's just bollox. If the OP gets to grips with his spending now he could clear his debts and save up for a holiday to Japan. He doesn't have to continue down the debt spiral as you suggest.

Pixie5740

Dettol wrote: »

All the above advice is sound advice...however we dont know whats around the corner,Brexit..collapse of Europe...World war 3 or the next ice age.

Ok ok ok so maybe not collapse of Europe as thats just plain silly.:D:D..but point is we dont know whats going to happen,grab life now and enjoy it,borrow the money but just make sure your in a position to repay it.

Were not here for very long...grab life and enjoy it.

No, we don't know what's around the corner. Illness, redundancy, urgent roof repairs, recession, sky high interest rates, all of which are much easier to cope with if you aren't up to your neck in debt and have savings. Take a look at the Debt Free Wannabe board, there are lots of posters who had good incomes and thought they could easily manage high levels of debt then BAM something happens and the debt is no longer manageable.

Ilona

mustiuc wrote: »

I just been to paris for christmas and my wife's bday. "It doesn't matter how much it costs, life is too short to waste it".
If you cant afford the holiday now, you wont afford it even later and sooner or later you will borrow money for it. It.s your choice if you want to be in debt now or later.

There is another choice, live within your means and don't get yourself in debt at all.

ilona

Ilona

Dettol wrote: »

we dont know whats around the corner,Brexit..collapse of Europe...World war 3 or the next ice age.

Ok ok ok so maybe not collapse of Europe as thats just plain silly.:D:D..but point is we dont know whats going to happen,grab life now and enjoy it,borrow the money but just make sure your in a position to repay it.

Were not here for very long...grab life and enjoy it.

Scaremongeringly silly. Irresponsible borrowing leads to debt, leads to depression, leads to a thoroughly miserable life.

So if you live for the now, borrowing and spending willynilly, how do you know if you are always going to be in a position to repay your debts? This forum is littered with the woes of people who have lost their jobs, who have had marriage breakups, who have become ill and can no longer earn a living. There is no guarantee that borrowed money can ever be repaid, you could drag it along with you for the whole of your life. Not a life I would want.

ilona

sourcrates

Ilona wrote: »

Scaremongeringly silly. Irresponsible borrowing leads to debt, leads to depression, leads to a thoroughly miserable life.

So if you live for the now, borrowing and spending willynilly, how do you know if you are always going to be in a position to repay your debts? This forum is littered with the woes of people who have lost their jobs, who have had marriage breakups, who have become ill and can no longer earn a living. There is no guarantee that borrowed money can ever be repaid, you could drag it along with you for the whole of your life. Not a life I would want.

ilona

Agreed, too many people choose this path, you never know what’s around the next corner.