Stay Out of the Red on Black Friday

Toronto, ON: As the American day of shopping continues to inch its way north of the border, retailers across the country are pulling out all the stops to keep your Black Friday dollars in Canada.

According to BMO’s 2013 Holiday Spending Report 47 per cent of Canadians consumers are planning to shop on Black Friday, with the average shopper expecting to spend $292.

While 14 per cent of Canadians are heading south of the border for the best Black Friday deals, countless Canadian retailers are slashing their prices to keep your holiday dollars here.

What does this mean for you?

According to Consolidated Credit Counseling Services of Canada, Black Friday deals could mean potential savings, but could also spell debt disaster if you don’t plan ahead.

“The key to Black Friday is to get the most bang for your buck,” says Jeffrey Schwartz, executive director of Consolidated Credit. “But without a spending plan in place, consumers can easily wind up in the red as a result of their Black Friday impulse buying.”

As an organization that helps Canadians resolve problems with debt, Consolidated Credit knows how easy it is for consumers to wind up in the red during the holidays. That’s why the non-profit credit counselling agency offers these tips to help consumers find the deepest discount this Friday.

Do your homework – Know what you want, what you can afford and where you want to shop. Comparison shop online to find the best available deal on the item(s) you plan to buy. By doing your homework you can get the best price and avoid the shopping frenzy that is Black Friday.

Make a list – Create a list of the items that you intend to buy on Black Friday and where you plan to purchase them. Stick to this list! Any impulse buys that are not on your list will only result in big credit card bills next month.

Ask for a better deal – Don’t be afraid to ask for a better deal. After all, what’s the worst that can happen? You may also want to ask if there are deeper discounts on open-box items or floor models.

Price match – Most retailers will offer to beat their competitor’s prices. If you find a better deal somewhere else, be sure to ask for the price match guarantee.

Leave your credit cards at home – Shopping on credit can be dangerous, especially for those that tend to buy on impulse. If you plan to take advantage of Black Friday sales, leave the plastic at home and shop with cash (and only enough to buy what you need.)

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