The Holiday Borrowing Risk List
Ch. 3. The Types of Holiday Borrowing
Should you borrow money for the holidays?
Spoiler Alert: No!
This is important: Don’t borrow money for holiday shopping. Do everything you can to avoid it.
You can have a high-quality holiday without taking on unnecessary debt. You can start by simply being frugal: dial down the spending, make gifts, cook food at home, put out a DIY gift mandate, or invite your family to visit you instead.
Once the season is over, the memories of your holiday are what you’ll cherish. You don’t want to tarnish those with a mountain of credit card debt, calls from bill collectors or payday lenders.
Remember: Anything is better than taking on debt to fund your holiday.
Once you know that, you’ll be better off. Now let’s dive into some of the most common (and most dangerous) ways people do borrow.