Beware the sales hype: how not to get into the red
Did Black Friday offers drag your finances into the ‘sales’ trap? Despite the fact that only a few real deals were found during the promotion period (Which?), British citizens might have broken the buying records. According to Barclays, there was a massive 12.5% increase in the number of transactions on Friday morning from last year.
The promise of finding bargains in the ‘sales’ is a well-honed retail temptation. Designed to get consumers to actually spend more, rather than save. With Christmas around the corner, how can we fend off the pressure to overspend? When statistically, a third of Britons is already putting Christmas on credit card, the danger of falling behind with household bills in the short term, is even greater. How can we manage expenses and expectations?
If the snowball effect has started, remember to keep paying the bills, have the track record of spending and resist the temptation to borrow more. Talk to your loved ones to get their emotional support, spread the cost and seek help, as soon as possible. It’s worth remembering that all debt problems are solvable.
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