Beware of taking the card for a walk and getting even more into debt
with the expected Black Friday 2022 around the corner, the latest statements from the owner of Amazon, Jeff Bezosthey seem to be the last straw for many buyers who wait for Friday to arrive with more enthusiasm than ever to stand up to high inflation, but at the same time fearful that the discounts are not so high as to treat yourself to the year without too many regrets.
The richest man in the world advises not to buy a car or a television alerting of the recession that is coming while the citizens have been forced to do the domestic accounts in more detail in this final stretch of the year due to the increase in the price of the shopping basket, electricity, gas, fuel or the mortgages. And the experts who see a increasingly conservative consumption pattern in which payments with credit cards stand out, with the dangers of indebtedness that this implies.
The Black Friday This year comes in the midst of a constant rise in prices, energy, fuel and with the Euribor turned into a nightmare for the millions of homeowners who pay for their house with a variable rate mortgage. This means that this year, according to a survey carried out by the financial comparator Banqmi, the purchase of most necessary products such as clothing compared to others such as electronics, travel or video games.
Every year great offers are expected in the textile sector and it always tops the list of the most desired bargains, but on this occasion the percentage of interest in these garments It is the one that increases the most compared to last year. Along the same lines, from Cetelem they also point out that the five most demanded products for this first stage of year-end sales will be those referring to the fashion, footwear and accessoriesfollowed by mobile devices, toys and health and beauty products.
Banqmi’s financial expert Antonio Gallardo also clarifies that “although the most persecuted thing is clothing, when it comes to buying it there will also be many who choose to let this date pass because the budget they had falls short“. This could turn this Black Friday into a historic black Friday in which purchases as well as operations could fall. Or at least that is what the X-ray of the purchase intention of some consumers who will look for another year reflects save part of the Christmas purchases, but that they will not lose sight of that warning from Bezos himself. Along these lines, the commercial sector, aware of this, wonders to what extent all these circumstances they will retract consumption in the final stretch of the coursewhich is when they add up to around 40% of the annual turnover.
Borrowing on Black Friday
Gallardo details to La Información that this year consumers have seen how the cost of the shopping basket has skyrocketed for various reasons and one of them is the high cost of food. “We keep buying food and it takes a while until they start to cut expenses in a home, making use of savings in case they have or taking out the credit card“. It is from here that bank customers choose how to repay that debt, which gradually increases and can end up being a danger. We must not forget that also “this year is atypical because during the months of summer, to take the sting out of the confinements of other years, there are many who have tried not to limit the vacation expenses and that in the end is paid for”, points out the expert.
That is why this expert asks to pay attention to the danger that financing habits that they have detected because it falls in almost four points those that they will pay for the purchases with the money saved while those who they will pay with the income of the month and especially those who will finance with a credit card. Gallardo explains that there is a very important segment of the population that can’t save and with the rise in prices it has increased. And it is not that they allocate those savings to other purposes, it is that they directly many do not have them, they live from the day.
That is why they either cover their expenses with the monthly income or, if there comes a time when they think they are going to save money, they resort to credit cards. Precisely with regard to the use of these cards, Gallardo qualifies that “We see how this year its use is also modified to formulas with higher risks”, according to the survey. In other words, those who defer payment, but pay it all at the end of the month, while those that install payments for a fixed number of months grow and especially those that also divide, but pay a fixed fee per month, which already represents close to one in two users of this type of card.
This payment for a fixed number of months it is less dangerous as for what youwe have greater control of what we pay and we know exactly when we will finish repaying the debt. The greatest danger is in itself we raised the subdivision for many months and with this we increase the interest, qualifies this expert who adds that “it is much worse when we have a fixed amount to pay each month, especially if it is small, since on many occasions interest is hardly covered and capital is not amortized either”.
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