Is it better to withdraw savings or borrow?

thadeus · Apprentice Joined: 23 Oct 2007 Posts: 5

I’m in dilemma now, I think that my savings is worth a lot and I don’t want to damage it. On the other side, my children need to go to school and I must pay for that, somehow. Option is to borrow money, but it seems rather drastic, am I right? So, what would you do? Would you hurt your lovely savings? Keep on mind that it is really one nice savings and interest is doing the job extremely well.

nico · Apprentice Joined: 04 May 2007 Posts: 6

It is obvious that withdrawing savings is much better option; the same interest that you were glad for may give you headache later, when it comes to repaying your loan. Borrowing should be, really, the last thing on our lists, but it is sadly, usually not. It is up to you, however, if you don’t want to hurt your savings than you shouldn’t do that, you may regret later...