To borrow or not to borrow?

[bartooseboy]

Hi i am considering doing some minor refurbishments to my house (approx €8000). is it better idea to borrow the money for this or to use my personal savings? i have approx €12,000 in savings in my local credit union. I am a single male, 27. I can get the loan at 6.95% APR.

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[Setanta12]

Wife, kids - ages, security of job and income, other plans (personal, professional), other investments (potential or past), will €8k add €8k to the value of the house, interest rate?

We need more detail ... ... ...

 

[BoscoTalking]

I would use the cash, keep saving,
or you could use some of the cash, borrow some and be sure to pay back ontime so your credit rating is kept good along with your record for repaying loans.
Its about as much advice i can give under the post given