Northeast Louisiana | gndfarms - 7/11/2012 21:34
What so you can get a low interest loan to bury you deeper in the hole. In my opion the low interest loans just can keep you going till you have no money. Maybe just give you a new shovel to dig you deeper instead of a loan! My thoughts take as you want!
A farmer told me not long before he died, that low interest loans forced him out of farming. He said he made a crop and paid all his expense but had no money left, FHA begged him to make a loan, he refused it but they kept on made him take it, so he did. Bought things he did not need, new car and truck. Well, few years later, another bad crop year, and another low interest loan. He borrowed more money, and few more years he was so deep in debt. He told me that he never should have borrowed the money and would have been fine. Buying stuff and not being able to make a payment is what got him.
Now, if he borrowed the low interest and paid off the higher interest loans, he should have been fine, not buying more stuff. |
USDA declares 26 states disaster area
