Happy Halloween! Dressing up as a vampire for a costume party or reading vampire novels is harmless fun. However, in the real world of money, there are some truly scary characters who can suck the financial lifeblood out of you if you invite them into your life.
Here’s who you should avoid like the living dead:
- Buy Here, Pay Here Outfits – Furniture stores, used car dealers, and other retailers who offer in-house financing frequently have pricier merchandise and charge more in interest than your average credit card.
- Strip Mall Finance Companies – You know the ones I’m talking about! You’ll find them in the run-down strip malls of every town across America. They say seemingly nice things like, “We make loans to families, not credit scores.” The truth is that these finance companies pressure you into consolidating all of your debt, regardless of current interest rates, into one loan. I know, because I fell for this myself back in the 1990’s. The Associates Financial Services rep convinced me to roll no-interest medical bills into my consolidation loan with a 23% interest rate. Yikes!
- Payday Lenders – Or as they should be called, “predatory lenders.” These guys are so dangerous, I’ve devoted a whole blog post to them. In short, RUN away from payday lenders.
Avoid these scary characters all year long, not just at Halloween! Have you had any run-ins with any of these financial vampires?