It's Not Worth Losing Your Home to Pay for Christmas Predatory lenders also might want your car as collateral ==================================
Which may be a choice facing some
consumers this January: choosing
between paying their rent or mortgage
in the New Year or their Christmas
loan from last year.
San Antonio Consumer Credit Counseling's Albert Guadiano says now some lenders are offering consumers loans to pay for Christmas.
"Around the holidays, people are generous and they want to impress friends and relatives, but at what cost."
Worse, some want collateral for the
loan like your car. He says if you
need a loan to pay for Christmas
you can't afford Christmas.
"We see many people in January who
incurred new debt who find themselves
in a situation where they really
don't know where to turn," he says.
Make them a homemade card instead.