During the holiday season we always see an increase in ugly sweaters, fruitcakes and desperation borrowing. This year don't get stuck with that ugly high interest loan. Jimmy Rhoades is talking with Nerdwallet's Brianna McGurran to find out the world's three most dangerous loans to avoid.
1. Payday Loans
These are high interest, short term loans that are due on your next payday. If you don't pay right away then interest can get into the triple digits. That can be even more than what you borrowed in the first place.
2. Title Loans
These are almost more dangerous than payday loans because you have collateral attached to them. Miss a payment and you can lose that car. These loans should not even be considered as a last ditch option.
3. Parent Plus Loans
Most student loans have caps, but these loans do not. You could be looking at upwards of $50,000 per year. You'll also be charged an origination fee and this can end up being even more expensive.
What are you asking Santa for this year? Join the conversation!