This morning I was doing some online banking and I noticed the following on the front page of my credit union website:
Q. Need Extra Holiday Cash?
A. Skip Your Loan Payment!
Ugh! What horrible advice.
Not for them, of course. They get to collect interest on your higher balance for up to two extra months and charge a $10 fee for each loan payment you skip.
Look, if you need extra holiday cash, pick up a part-time job. Lots of places hire temporary holiday help. As an extra plus, you usually get an employee discount, too, which will help lower your shopping costs.
Better yet, plan your holiday spending in advance and save for it. Open a Christmas account and put away a little bit all year.
Better still, de-emphasize the materialistic culture this Christmas and make some home-made gifts. They cost a lot less and mean a lot more.