Are Holiday Loans a Good Option? Users Beware

A higher interest rate means it will cost you more, in the long run, to use a credit card. For example, say you need to borrow $5,000. Using a credit card with a 25 percent interest rate will cost you $2,157 on top of the $5,000 you borrowed. On the other hand, if you get a holiday loan at 10 percent interest, your cost is an additional $808.

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