I'm quite certain many of us have taken a loan of some sort. For me, the first (and only) loan I took was 10 years ago when I did my postgraduate in Perth, Western Australia.
Nowadays, personal loansare a common thing. In my opinion, you should take a loan when you need it for good reasons such as education, business or family emergency matters. I know there are many young working executives who have fallen the trap of overspending on credit cards and end up in a real debt trap.
Mortgages becomes very convenient for new home owners and business people. During the 1997 recession, many business people had failed to fufill their commitments to the banks, which led to many bankruptcy and bad debt situations.
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