When it comes to Black Friday shopping, some folks can’t resist the sales. However, it may be in some folk’s best interests to steer clear of the day.
If the items you are shopping for aren’t a necessity, don’t buy them, especially if you aren’t paying on your credit card bill every month. Plenty of people may be thinking, “well, that’s what saving for the sales is for.” My response to that notation is simply “nope.”
Black Friday Shopping And Being In Debt Do Not Mix!
If you are carrying a credit card and not cash, stay home. Also, don’t let the lure of online shopping make you bring out that card. Take your Christmas Club account money, and pay off your debt! One woman who was teaching managing money in your marriage tried to issue this challenge to a group of couples. Her challenge was that if you have a credit card debt, then don’t spend anything for Christmas. She says one woman grabbed for her heart after gasping, and everyone else began to laugh.
However, she was serious. Michelle Singletary, a columnist for The Washington Post, says that she has real concerns for those in debt. It was while reading a report on household debt and credit by the Federal Reserve Bank. According to the report, household debt is up to $13.95 trillion. There was a statement in the report indicating that delinquency rates rose during the third quarter.
According to The Fed, of the $667 billion in debt that is delinquent, $424 billion is from people being 90 days late with their payments. Also in debt are those who are being sought by lenders.
So, maybe you aren’t one of the ones delinquent on their credit card bills and are making the minimum monthly payments. Or you may be making a dent in your debt. Though these are great, you probably shouldn’t go on Black Friday shopping, at least until you have no more debt.