Did you know that thousands of people will harm their own credit, lower their credit scores, and jeopardize their finances during Black Friday sales events?
Please don’t be one of those people!
FACTS:
- When you charge more than 50% of the limit on your credit card, your score is penalized by an estimated 20 to 60 points!
- When you cannot pay off your entire balance when the bill comes, you are labeled as a consumer who has overspent their budget, and your score is penalized.
- Worst of all: opening a new credit card. Don’t do it!!! If you have at least two credit cards and one of them is a major card, such as Visa or MasterCard, then you do not need another card. Opening a new one is not worth saving 10% when it penalizes your score for the next six months!
BE A SAVVY SHOPPER
- Don’t buy items just because they are on sale. You’re not actually saving money when you buy things you would not otherwise purchase.
- Don’t go hog wild buying material things for your children. I know it’s tempting, because we love our children and we want to see them happy. But what they need most of all is our attention. They want us to play with them and read to them and have interesting discussions with them. They don’t needs lots of material gifts. Set the expectation ahead of time, and they will be happy.
I hope this encourages you to spend wisely and with moderation. Don’t let the super-rich, greedy creditors win their “Buy More Game.” Keep your finances under control and see how good that feels when January comes.
