Dave Ramsey Says Taking on This Type of Debt Is ‘Like Trying to Bail Yourself Out of a Sinking Boat With a Bucket Full of Holes.’ Is He Right?
If you're familiar with finance expert Dave Ramsey, you probably already know he is not a fan of borrowing. On his blog, Ramsey explained the common reasons why people get personal loans: consolidating debt at a lower interest rate; building credit; and buying things you cannot afford to pay for outright. Ramsey warned it can be a "lot of work" to take out a personal loan, only to "get absolutely nowhere."
