The consequences of getting car loan

Some time ago I talked with a guy who's in his early thirties.
He definitely looked few years older than that, in part due to occasional grey color in his hair.
I told him that he looks older than his age.
He told me that several years ago he looked much younger than his age.

I asked why did that rapid aging happen?

It turned out that his wife asked him to buy a new car and get a loan (HELOC) for home improvement.
So he ended up owning banks significant amount of money.
He has a good paying job. I can guess that as a software development team lead / project manager he's making around $100K per year.

But now he cannot afford to lose that job. And the job is getting more and more stressful recently.

So he started turning grey at his early age.


My takeaway from that story:
don't borrow money for your car and home improvement.
If you don't have cash for that -- you cannot really afford it.

Inspired by: Счастье такое счастье by azbukivedi

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