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Can I take a R100k loan while still in debt?

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A Fin24 user wants to know if it is the right time to take out a loan, given that the economy is not in its best form at present.

He writes: "I currently earn R9 000 per month and my debt repayments are R3 500 per month. I was going to take out an R100k loan next year and build a house, and maybe get a second hand car. Is it advisable to go into debt with our economy and can I afford this loan, given my current situation? Please advise."

Wikus Olivier of Debt Safe answers:

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Yes. We need the money.
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It depends on how the funds are used.
74% - 6267 votes
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