Black Friday It has already started and many Spaniards are going to shop for much of the year during this day, which has great discounts. However, sometimes there are many things to buy at very flexible prices and the money does not arrive, so many Spaniards use loans at these times. In particular, the 22% of Spaniards who usually use finance apply for a loan on Black Friday, and a 30% choose to pay for those purchases in installmentsaccording to Asnef.
Black Friday has established itself as the third most used date by consumers to finance their purchases. A date that is only behind summer holiday shopping (32%) and Christmas shopping (32%).
Cheapest personal loans
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Their preferred options are to finance these costs credit cards and personal loans, and choosing one or the other can mean paying more than double the interest.
Personal loans They are cheaper than credit cards. Therefore, a user who wants to finance a cost of 1,000 euros over 12 months would pay an average interest of 7.44% TIN with a personal loan, while they would have to accept a TIN of 18.12% with a credit card , which means paying 144. % more. In particular, buying in installments with a credit card would mean paying 100.85 euros to the bank in interest, compared to 40.75 euros for a personal loan.
With age and CCAA
As for the people who often shop on Black Friday, there are those who are in between 25 to 44 years. In addition, in this age group it stands out that they make more loan requests on dates such as summer and Black Friday.
Depending on the region of Spain, there are some regions that tend to demand more credits and loans around these dates. In this case, the fields of Lrunning away These are the areas in Spain where finance and credit are used the most (30%) on Black Friday. Behind them are the southern region of Spain (23%) and the northeastern region (23%), according to Asnef.
Online shopping on Black Friday
Likewise, this study also reveals that a 65% those surveyed preferred to do their part online shopping for such an important date as Black Friday.
Therefore, Black Friday has established itself as the day in which the Internet is used the most as a channel for shopping. In addition, 75% of those surveyed admit that they use the online channel several times a month.
2024-11-29 14:41:00
#Spaniards #debt #Black #Friday #loans #wanted
## Black Friday’s Tempting Deals: When do Discounts Turn into Debt?
With Black Friday fast approaching,many Spaniards are tempted by enticing discounts,but a new study reveals a worrying trend: **increasing reliance on loans and credit cards to fuel shopping sprees**. While the excitement of grabbing a bargain is undeniable, experts warn of the potential for **financial pitfalls**, especially during a period already known for increased spending.
To delve deeper into this concerning trend, we spoke with renowned financial advisor **Maria Garcia**, author of “Smart Spending: Navigating Consumer Debt,” and **Javier Rodriguez**, CEO of the leading financial literacy non-profit, “Española Financiera.”
### The Allure of Black Friday Deals
**World today News:** Maria, the study from Asnef highlights that 22% of Spaniards use loans specifically for Black friday purchases. What factors contribute to this trend?
**Garcia:** “Black Friday has become a cultural phenomenon,and retailers skillfully leverage our desire for bargains.
The fear of missing out and the perception of limited-time deals create a sense of urgency, leading to impulsive buying decisions. Many shoppers may not fully consider the long-term financial implications of taking on debt, especially if they’re already juggling other expenses.”
**World Today News:** Javier, are there specific demographics most susceptible to this borrowing behavior?
**Rodriguez:** “Certainly. The study points to millennials (25-44 years old) being more likely to rely on loans or credit cards for Black Friday shopping.
this generation often faces higher student loan debt and housing costs, making them more vulnerable to financial strain. Tho, it’s crucial to remember that anyone, irrespective of age or income, can fall into the trap of overspending during these promotional periods.”
###
The High Cost of Convenience: Credit Cards vs. Personal Loans
**World Today News:** Let’s discuss financing options. Asnef found that personal loans are significantly cheaper than credit cards for financing purchases.Could you elaborate on that,Maria?
**Garcia: “Absolutely. Credit cards often have exorbitant APRs,while personal loans typically come with lower interest rates,
which means paying substantially less in the long run. For instance, a €1,000 purchase financed over 12 months with a credit card could result in almost double the interest compared to a personal loan.”**
**World Today News:** Javier, what advice would you give to consumers considering credit card purchases on Black Friday?
**Rodriguez:** “Think twice! Only use your credit card if you’re sure you can pay off the balance in full by the due date.
Otherwise, the interest charges can quickly spiral out of control, transforming a potential bargain into a financial burden.
Consider setting a strict budget beforehand and sticking to it. Don’t be swayed by impulse buys, no matter how enticing the discounts seem.”
### Navigating Online Shopping
**World Today News:** Black Friday is now predominantly an online affair.Does this change the dynamics of impulse buying and debt?
**Garcia:** “Absolutely.Online shopping offers unparalleled convenience, but it also removes the natural pauses we might experience in a physical store.
Browsing from the comfort of our homes, surrounded by distractions, can lead to clicking “buy now” without proper consideration. It’s crucial to set aside dedicated time for online shopping, where you can focus and avoid getting swept away by impulse decisions.”
### Looking Ahead:
What are your predictions for Black Friday 2024? Do you foresee this trend of debt-fueled shopping continuing?
**Rodriguez:** “Unfortunately, I believe this trend will persist, driven by factors like inflation and economic uncertainty. It’s crucial for individuals to prioritize financial literacy and develop healthy spending habits.
Remember, a great deal isn’t a good deal if it leads to unneeded debt.”
**Key Takeaways**
Black Friday can be a tempting time for shoppers, but remember that deep discounts come at a cost. Be mindful of your budget,choose affordable financing options,and avoid impulse purchases. Don’t let the allure of deals overshadow your long-term financial well-being.
**What are your Black Friday shopping strategies? Share your tips in the comments below!**
**Looking for more advice on managing your finances? Check out our article on responsible borrowing and debt management: [Link to relevant world Today News article].”**
