Black Friday warning by leading money advice charity

Did you know that shoppers are expected to spend £2.4 billion on Black Friday deals? You could argue this is a little crazy when UK personal debts stands at £1.59 trillion with so many people struggling to make ends meet. You can put your head in the sand until after Christmas about your financial situation but that will only make things worse.

Black Friday

Black Friday

At its heart, Black Friday is an effective marketing strategy. So many minds have worked out just how to tempt you into spending what you cannot really afford. The reality is that you do not save money when you give in to Black Friday. You spend it and perhaps more than you intended and on stuff you did not want until big marketing budgets got into your head and heart.

Community Money Advice

Heather Keates, Chief Executive of Community Money Advice, says:

“Christmas is a challenging time for household finances. At a time of year when families pay more on essential bills such as heating, the cost of Christmas can push households further into debt. We would encourage families to stick to a budget and remember that what we spend in credit will need to be paid for in the new year”.

Debt counselling

As a former debt counsellor, I know how easily a change in  circumstances can often make it difficult for people to pay back debts which can leave people feeling trapped, isolated and powerless. You can’t always predict job losses, increases in fuel/food costs, bereavement or illness. However, sadly a real stigma remains around people who find themselves in financial difficulty.

Case-study

Single mum Anna used catalogues and credit cards to get by until her circumstances changed when her Father died.

Black Friday

Anna, says:

“I felt really low and ignored my debts and bills. Eventually my debts got sold on to a debt collection company who began knocking on my door regularly … to make sure my daughter had what she needed I would go without, things like new clothes for work or even food. It’s been really important to receive long-term support … since gaining a Debt Relief Order I have been helped to budget and apply for discounts I’m entitled to. Overall I’m a much happier person … if you’re in trouble, you might have to push past your boundaries to get the help you need”.

Seek help

I agree with Anna. It is a sign of strength to ask for help. We are blessed in the UK in having charities that can help us free of charge with a whole range of issues. We have several money advice charities only too happy to help.

Community Money Advice manages a network of 159 debt advice charities where 1,200 advisors are currently offering face-to-face help and practical support to 5,328 families, managing £154 million of debt. Face-to-face advice and support is a lifeline to people trapped in debt. In 2018 Community Money Advice helped 19,059 people find freedom from debt and hope for the future.

Community Money Advice are asking anyone experiencing stress because of money problems to seek professional help.

For more information, please visit www.communitymoneyadvice.com

Black Friday Warning

 

 

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14 Comments

  1. wraemsanders November 23, 2018 / 2:24 pm

    Money can definitely create a lot of stress, especially at this time of year. It’s good to remind people of their options.

  2. Rosie Doal November 23, 2018 / 6:01 pm

    I agree with this. Why does everyone suddenly feel the need to spend and buy things they wouldn’t normally just because they see a % off sign? #Stayclassymama

  3. crummymummy1 November 25, 2018 / 9:45 am

    Sensible advice – the adverts & hype around Black Friday is huge, I can understand why it’s so tempting to spend #MMBC

  4. Jo - Cup of Toast November 26, 2018 / 2:21 pm

    I think it’s a sad sign that so many households have such a large amount of personal debt. I don’t think that Black Friday is altogether a bad thing though. Just like any other sale, if it allows you to buy something you need at a lower price that’s really positive. The spending gets out of hand when things are bought solely because they’re in a sale and not because they’re actually needed (or worse, wanted). That can happen at any time of the year and it’s wise advice to think through options and track prices for a while before making purchases, especially big ones. #AnythingGoes

  5. viewfromthebeachchair November 26, 2018 / 5:45 pm

    I went in with a specific plan and knew what I was getting and what I was spending. #anythinggoes

  6. Jane Taylor November 27, 2018 / 9:57 am

    Thanks for helping to draw attention to this worrying issue of escalating debt and for letting your readers know that we have CMA Debt Advice Centres across the UK who are ready to offer free, confidential, face-to-face debt advice.
    Jane Taylor, Social Media Manager, Community Money Advice.

  7. Jean | Delightful Repast November 27, 2018 / 6:25 pm

    Kate, it’s wonderful that people there can get free advice about paying off and avoiding debt. It’s such a common problem. A lot of people have shopping as their main or only hobby. And some get into difficulty because they’re trying to fill an emptiness inside by buying more stuff. I remember my father telling my mother, “No, you didn’t save $xx; you spent $xx!” Credit used wisely is a tool; used carelessly, a trap. #triumphanttales

  8. AliDuke (@weirdoA) November 28, 2018 / 5:21 pm

    This is all very good to know. It can be so easy to get into financial trouble these days, like you say, we are lucky that there are places like this to help us.
    #TriumphantTales

  9. Musings of a tired mummy...zzz... November 28, 2018 / 9:48 pm

    It is so easy to be tempted by offers. I didn’t buy anything! But I did spend ages trawling through websites to see if there was anything unmissable. Thanks for linking up with #stayclassymama

  10. Morgan Prince November 29, 2018 / 4:15 pm

    Black Friday can be so bad for those having money troubles. I tried to ignore most of it this year.
    Thanks for sharing with #pocolo

  11. Tracey Bowden November 29, 2018 / 4:41 pm

    It really is hard at this time of year especially with the sales. I did mange to put some money away and got some great bargains for things I was planning on buying for christmas #pocolo

  12. Mrs Mummy Harris December 2, 2018 / 5:10 pm

    I think sales can be really deceptive. Sometimes its best to compare to old prices as sometimes offers actually work out more expensive buying into an offer that is on. Also, sometimes although its cheaper, it could still be elsewhere! Thank you for sharing this with us at #TriumphantTales. I hope to see you back next week!

  13. Navigating Baby December 3, 2018 / 6:10 pm

    Great advice there. A family member of mine also got herself into a similar situation and she was so very stressed. I realised then how easily this can happen. Thanks for the advice on the #DreamTeam

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