Black Friday Can Leave You In The Red
By Brian Williams on Tuesday, November 20th, 2007 :: 4:08 pmCategory: Financial News
Retailers see gold in Black Friday - the day after Thanksgiving and the main kickoff to the holiday shopping season. Some shoppers line up in the wee hours of the morning after Thanksgiving to get a jump on holiday sales.
For retailers selling everything from clothes to electronics, the Christmas shopping season is crucial to their bottom line.
Retailers are hoping for a stout start to the holiday shopping season amid worries about shrinking credit options, a slump in the housing market and waning consumer confidence. Last holiday season, consumers spent $456.2 billion in retail sales, representing 19.5 percent of total industry sales, according to the National Retail Federation. The NRF has forecast a 4 percent increase in holiday sales from last year – or sales totaling $474.5 billion.
While sales are abundant on Black Friday, overspending can quickly multiply your credit card debt and can leave you scrambling for debt relief in the new year. But with a little planning and discipline, Black Friday does not have to put a black mark on your credit.
- Budget - Write down a budget detailing what you plan to buy and how much you plan to spend. Do not let impulse shopping veer you off that plan.
- Pay with cash – Seeing how much you spend makes you more aware of what you are buying. Swiping a credit card for items on Black Friday means you will not feel the full impact of your shopping spree until you receive the credit card bill. During your Black Friday excursion to the mall, when the cash is gone in your wallet or handbag, then it is time to leave.
- Scan advertisements – Your local newspaper and Internet sites are chock full of information on Black Friday deals. Retailers are serious about drawing you into their stores (or online sites) through sweetheart deals. Check such advertisements out carefully, align them with your budget and score some deals.
Black Friday is stressful enough with crowds of sometimes unruly bargain hunters, early wake-up calls and possibly chilly weather. But you do not have to add to your holiday shopping frustration by piling on massive credit card debt.
Author bio: Brian Williams, a graduate of the University of Texas at Arlington, has 11 years’ experience writing and editing at daily newspapers in Texas. Learn more about Credit Solutions. Credit Solutions is your alternative to debt consolidation.
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