Don't touch Bill Me later with a 10 foot gift wrapped pole!

Last night one of my colleagues shared that she thought many cash-strapped consumers may turn to a service such as Bill Me Later to get through the holiday season and wondered what I thought of the service. If you are thinking about using Bill Me Later or a similar service to buy gifts this year keep reading to get my opinion on these short term lenders.

One good reason not to use Bill Me Later is that it requires a credit check. This means, if you open an account your credit score will get dinged the same as if you opened a regular credit card. Given the current economic issues, protecting your credit score should be at the top of your list!