Black Friday – Prepare for it or pay for it

Photo courtesy of crd! at flickr

It’s an American Tradition to celebrate Thanksgiving Day always on that third Thursday in November and then hit the stores for the largest shopping day of the year known as “Black Friday”! In some locations, the frenzy starts the midnight after the turkey, dressing and pie has disappeared as some retailers opt to stay open all night long. Most will open their doors extra early before the sun rises baiting the consumer to camp out in the cold to jockey for first position in the race toward a tremendous sell item in limited supply. Maybe this behavior is not for you but I bet you know a lot of people that have their eyes and emotions set on this day.

Unfortunately for this group of shoppers, many will make purchases without a planned budget or on borrowed funds with terrible repayment terms and penalties for late payments. Like so many times, our emotions lead us to make terrible decisions that can keep us paying off the debt months or years later.

STOP.  Are you willing to continue this financial bondage? Do you want to escape from this yearly trap?

At Mid-Illini Credit Union we have three recommendations, packages and programs for you to unwrap that will help you prepare for Black Friday and beyond!

  1. Create a budget that leads to saving and not toward building high unrealistic debt. Prepare for the season by remembering the real reason for celebrating it.
  2. Transfer all your high credit card debt to a MICU VISA CREDIT CARD by December 31, 2011 and take advantage of our UChoose Rewards program. MICU is offering a much lower rate with a $0 Balance Transfer Fee and $0 Annual Fee (go to www.midillinicu.com for details).
  3. Take advantage of a Happy Holiday Loan and take a year to repay at a lower rate than other options you may have (go to www.midillinicu.com for details).

Let us all be thankful for what we have been given. If you like this information or have other thoughts on how to save money and would like to share and participate in the season of giving, then please post your comments for everyone to see!

This article was posted in News.

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