7 On Your Side
Warning issued for Black Friday shoppers
The hype about Black Friday has never been greater than this year. Retailers are racing to make the first critical sales by opening as early as Thanksgiving night, but there is a serious message about your debt.
While retailers are saying "come on in," many consumer credit counselors are saying "stay far away" from stores on Black Friday!
Many shoppers eager to snap up great deals will stand in long lines and even camp out overnight waiting for stores to open. However, once inside, experts say they get caught up in the frenzy and wind up buying items they don't really need or want. Often the hot sale items are quickly sold out, and consumers settle for products they never intend to buy.
"You get there, maybe that item isn't there, and so you end up trying to substitute it for another item that you think just because it's on sale you got to have," said Rod Ebrahimi, the CEO of ReadyForZero.com.
The debt management website ReadyForZero.com says about one third of shoppers rack up credit card debt on Black Friday.
Finance charges on their credit cards can easily wipe out any discounts they received at Black Friday sales.
black friday, shopping, 7 on your side, michael finney
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