With the holidays around the corner, Black Friday is soon to be on everyone’s minds. Amazing deals, incredible sales, brand new products! But how amazing are those deals, really? Let’s check out some of the pros and cons of shopping on Black Friday.
What is Black Friday, Anyway?
The name itself shows you how much this game is rigged in favor of the retailer. While first used to describe the heavy traffic on the day after Thanksgiving, that’s not what we know the phrase for today. The popular explanation is that Black Friday, being the busiest shopping day of the year, is the day the retailer’s books flip from red to black. Meaning that the day after Thanksgiving is the first day of the year most retailers turn a profit.
But the Deals Are So Great!
Without question, there are some amazing deals on Black Friday– if you search them out ahead of time. So how are retailers able to finally turn a profit if they are offering such deep discounts on highly sought-after items?
Most of the best deals are only available for a very short time, in extremely limited quantities. That’s why you see people on the news camping out in front of stores. These super deals are called doorbusters, and they are very appropriately named. People literally bust down doors to get inside first.
So It’s Not Worth Shopping Black Friday?
That’s not always true. At CreditGUARD we maintain that by following strict budgeting and making wise purchasing decisions, you can work your way out of credit-based debt. Part of that decision making comes in the form of knowing the right time to make major purchases.
If you absolutely have to buy a very expensive item such as a computer or telephone, Black Friday may be a reasonable way to go—if you can find the item and it’s still available.
What About Cyber Monday?
For the past several years, Black Friday has had a sister shopping day known as Cyber Monday. They are essentially the same, with the exception that Cyber Monday is for online retailers. This can be a benefit when you are looking to avoid crowded stores and the temptation for impulse shopping. Also, due to being “cyber” in nature, this tends to be the best time to buy electronics. The same rules apply; it’s first come first serve from the second something goes on sale, and most things worth purchasing sell out fast.
With a bit of careful planning and research, Black Friday and Cyber Monday can be good days to shop. But going into further credit debt just because something was on sale is never a good idea. At CreditGUARD we want you to start the new year with less credit debt, not more. Call today and find out how our certified credit counselors can help you.