You probably have to live under a rock to not realize that the last week of November is Black Week, an extension of the Black Friday offers, which has become an annual tradition in the trade stand.
Many people have enough plans to make a bargain this week, especially in online shopping, but experts warn against one pitfall in particular.
Half pay by credit card
According to a survey YouGov has done for Danske Bank, half of Black Week retailers plan to make purchases with credit cards. Four out of ten of these again report that they do not pay the credit card bill at the first due date.
These figures make consumer experts react.
– It does not surprise me that one in two shop with credit cards, but it worries me that there are so many who do not pay back right away, says consumer economist Cecilie Tvetenstrand to TV 2.
She is concerned about Norwegians’ growing defaults on consumer loans and credit card debt.
Warns against shopping on installments
Another survey, conducted by Netigate for Storebrand, shows that one in five plans to buy products in installments on Black Friday.
Although shopping with a credit card does not have to be negative in itself, the consumer expert warns against letting payments go in installments. Because even though an offer to pay a lower monthly fee may seem tempting, you end up paying a much higher price.
Credit card interest rates are often above 20 percent, and then the total price of a bargain will quickly rise by several thousand kroner.
– I would warn against spending money you do not have. It takes so incredibly long to repay the money you should never have used in the first place, and the item can be terribly much more expensive when you shop on credit, says country manager for Dreams Storebrand’s savings app, Øystein Høie, to TV 2.
Norwegians fear Black Friday infection
According to a survey conducted by Opinion for Prisjakt.no, eight out of ten Norwegians are worried about corona infection in shops and malls on Black Friday.
Although 200,000 more Norwegians plan to shop on Black Friday than last year, it is expected that the majority of them will shop online.
– Corona, risk of infection and restrictions make many people reluctant to visit physical stores and shopping centers this year, and instead stay at home with the credit card in front of a computer screen and mobile phone this year, the survey shows.
It is clear that this fear, on top of the everyday life we live in, will hit the physical stores hard in this important trading week, says general manager Are Vittersø in PriceSpy Norway in a press release.
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