The Holiday Borrowing Risk List
Ch. 3.2. Personal Loans
Again, if you can avoid borrowing ANY money during the holiday season, do it. Personal loans should be used to get you out of a financial jam, not to fund a holiday shopping spree.
Sometimes borrowing is completely necessary: student loans, borrowing for medical emergencies, or taking out a debt consolidation loan are all types of loans that many people borrow successfully and safely. But there other, dangerous lenders and loan products that should always be avoided. We’re talking about payday loans, title loans, and other predatory financial products that you should avoid.
Let’s break down the (few) do’s and (many, many) don’ts when it comes to borrowing money for the holidays…