Don't Let Holiday Debts Snowball

Between gifts, decorations, family meals and travel, the holiday season is more expensive than ever.

A sizable percentage of Americans take on debt to pay for costs associated with the holidays. That includes those on low incomes, for whom it can be much more difficult to get back on firm financial footing afterward.

The cost of borrowing money has gotten more expensive as inflation concerns have caused the Federal Reserve to raise interest rates. For those with low credit scores, many credit cards are now carrying APRs as high as 25% to 30%.

Even more hazardous are emergency cash loans, which...