Payday Loans Can Turn Holiday Spending into a Debt Trap

Consumers Should Avoid Loan Shark Lenders

Consumer advocates over at DebtHammer are warning that excessive borrowing to finance this year’s Holiday spending could lead to a debt trap that results in a lump of coal that lingers long after the stockings are put back in storage.

According to a recent survey conducted by DebtHammer, a majority of Americans plan to go into debt to finance Holiday shopping and gift giving. Specifically:

Though more than 78% say…