With less than a week to go before the pre-holiday sales event, many shoppers are planning how they will take advantage of Black Friday and Cyber Monday sales.
But individuals that are in debt or struggling financially are being urged to avoid the consumer tradition by Umbrella Insolvency personal insolvency expert Tom Fox.
“If you are struggling to keep up with credit card debt or any other kind of monthly repayments, you should resist the temptation for Christmas ‘savings’ and focus on paying down your debt liabilities,” he said.
He continued: “Christmas is usually an expensive time for families. Around 80% of Brits admit to blowing their budget at Christmas time and, in 2018, debt charities revealed that it would take until the end of April for the average shopper to pay off Christmas debt.
“With many different spending priorities, the urge is to save money on presents in the Black Friday sales. But this can often be counter productive. Black Friday deals are often not as good as they first appear and marketing tricks used by retailers can tempt people into unnecessary spending.
“With three-in-ten people expecting their finances to get worse in 2020, Christmas debt could help cause serious long-term financial problems.”
How to avoid Black Friday duds
If your financial position is relatively secure, Black Friday can be a way to save some money in the holiday season. But following a few basic principles can help you avoid infamous Black Friday dud deals.
Agree not to buy unnecessary gifts
The best way to avoid bad deals, is not to purchase anything. We all want to treat loved ones at Christmas time. But family and friends would never want you to put yourself at risk to get them a gift.
Last year, Money Saving Expert Martin Lewis started an anti-consumer trend when he urged people to make ‘no unnecessary present pacts’ with friends and family.
Plan what you want to buy and how much you can spend
If you do want to make the most of the Black Friday deals, then it’s important that you plan ahead to get the best deals.
Make sure you know exactly what you want and how much you can afford to spend. Most shops and supermarkets have already revealed their best Black Friday deals, so don’t be rushed into making a decision on the day of the event.
Do your research
Doing your research is the best way to make sure you avoid bad deals. If you already know what you want, you should be checking out the cheapest places to buy now.
There are also lots of great comparison websites looking out for the hottest consumer deals. Websites like MoneySavingExpert.com keep track of which deals are worthwhile and which ones are best avoided.
If you are struggling with serious personal debt, you may benefit from professional advice. Speak to one of our debt advisers today. Call: 0800 611 8888.