Taking out a loan to travel

Awful idea.

I really don't understand this mindset. Loans are for investments for which you expect to see some sort of eventual return. To blow it on a holiday is just insane and really bad financial management.

If you want to go travelling, earn your own money. If you don't have the expendable money, you can't go travelling. Simple as. I don't get this generations' belief that they are 'entitled' to go travelling.

Madness.

The end of my last trip was based on debt - though being good with money it was handled responsibly and it's all been paid off with minimal interest.

And you assume that's how it will pan out for everyone else?

Do you travel all the time anyway? When do you study then?
http://www.thestudentroom.co.uk/showthread.php?p=28166685&highlight=
http://www.thestudentroom.co.uk/showthread.php?p=27839643&highlight=
http://www.thestudentroom.co.uk/showthread.php?t=1343905
http://www.thestudentroom.co.uk/showthread.php?t=1221311

And you assume it won't...

Neither you or me have any idea how well they could manage debt - only they do. It's up to them to make up the decision.

I was just refuting your misguided comments on travelling. You don't see it as important, fair enough, but plenty of people do and you can't just say because you don't see the importance that it is therefore worthless.

Well, judging by the fact that OP is currently struggling to get a job, then paying back this loan will be only secured on the assumption that, for whatever reason, they will suddenly be able to get a job upon their return. This makes zero sense to me what-so-ever.

If he/she can't get a job now then flittering around the world on borrowed money isn't going to do anything for those chances.

You go on about travelling being important. This is what I mean by this generation's delusion that they are entitled to travel the world to 'discover themselves'. You're not. It's a pleasure. It's a luxury. If you can't afford the luxury, you can't have it. That is the reality of the world and to do so on borrowed money is completely childish and irresponsible. Can't you delay gratification enough to earn the money yourself?

I could have, I didn't and I'm glad I didn't. Of course anyone with a passport is "entitled" to travel the world. I was short of money, overdrafts are for people who need to borrow some money so I took it, what's the big issue here?

I see where you are coming from with the loan, but borrowing money to do things full stop isn't irresponsible. That's the entire point of credit.

Overdrafts, atleast in the interest of both the bank and the person taking the credit, are for people who need to borrow some money and can realistically pay it back in the future including interest.

Your naive view on borrowing money to buy personal luxuries is a slippery slope to having baliffs at the door and a destroyed credit rating. All for the fact that you are unable to delay gratification like a child.

Not in the slightest as I'm able to manage debt... Never had baliffs at the door, never had demands for money, never gone over my limits, never paid interest on credit cards, never missed or made a late payment. But no, I'm sure you're right, I will plunge into bankruptcy any minute now...

And just for the record, borrowing money drastically improves your credit rating. If I hadn't gone through periods of borrowing money, my credit rating would be pretty poor at the moment. As it happens, it's very good...

I do still understand where you're coming from, but you don't really know their circumstances. Maybe they have planned how they are going to pay it off from future income (not just "I'll get a job" - maybe things are already set up, i.e. student loans, student overdraft limit increase, gifts etc.). As you've made such a poor judgement on my financial position, I can't really take your word that you know theirs.