One point not mentioned, and maybe the most important one of all, isn’t that one can afford the payment…
but can you can make the payments 5, 10, or 15 years from now for something that has a diminishing value to you…
something you will not be able to sell without being able to pay the depreciated loss just to get rid of it… something that even if insured and there is a total and compensable loss, the insurance check won’t be enough to satisfy the bank who will issue a demand notice for the balance…
making memories is a great idea as long as they are good memories… being able to make the payments today, means you are riding the edge of the cliff and one setback can change what memories you can make…
using credit to make your money work for you isn’t a bad thing, but that isn’t what is at play here…
the past was just a lesson, today forward only the OP can make the risk assessment compared to the benefit, the memories compared to the stress of being at the edge of the cliff, the outlook for his future, the security of his income, and his ability to cover short and long term setbacks…
each as important as being able to make the payment today… only the OP can decide what’s best for him and his family… hopefully he can gain some important tips to become better informed in his decisions… but it’s not as easy as black and white, yes or no…
