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I imagine that I am not the only person to have done this but I feel that this is the one of the worst financial mistakes I have ever made. In college, I took out a number of loans to cover tuition, expenses, etc. There is nothing wrong with that but the kicker is that in January of every academic year, I had received a loan refund once the bills for the current and previous semesters had been paid. Instead of sending the refund back to the loan company or even paying rent and bills forward I took the money to the mall and engaged in a shopping spree for the ages. I bought 600 dollar shoes and 100 white tee shirts.

The lesson learned is that borrowed money is never personal money and that caution must always be used when borrowed money is used.

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