When is it appropriate to apply for a loan?

When is it appropriate to apply for a loan?

Mitchell Freedman, CPA/PFS (CEO, MFAC Financial Advisors) gives expert video advice on: Where can I get a loan?; Are credit union loan rates always lower than bank loan rates?; How can I borrow money to buy a car? and more...

Many times an individual is going to purchase something that is a high ticket item. Such as a house or a car and they can't pay for it all at once. Borrowing money to do it makes sense. However it doesn't make sense to borrow money to pay for your normal living expenses while you are employed.