While it’s perfectly natural to want to go ‘all out’ during the holiday season, it’s important to recognize the true cost of splurge spending.
There is a significant concern for those who turn to high cost lenders like payday loans to cover their holiday expenditures. Short-term, high-interest loans can put you in a position of having to re-borrow after paying off the initial loan, leading to a cycle of debt that can put you in significant financial distress. As you prepare for the season, create a detailed budget that will help keep your spending in line. If you are going to turn to credit or a loan for short-term support, consider the costs associated when you attach the amount you will pay in interest on top of the original spend. Seeing the total costs after your payments have been made, might make you reconsider some of your purchases!
MNP LTD Trustee Judy Scott was interviewed by The Vancouver Sun to discuss payday loans. The original article was posted online at The Vancouver Sun on December 11, 2015.
CIRP, LIT
Senior Vice-President
Servicing: Abbotsford, Chilliwack, Maple Ridge, Surrey, Langley
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