Whilst Black Friday may provide great bargains for some, a warning has gone out from Shropshire’s Just Credit Union that there are also dangers.
And the not-for-profit savings and loans co-operative says at this time of year it is ‘very easy’ to get caught out by online scammers. There is also a temptation to over-spend and many deals may not be as great as they first appear.
Just Credit Union has put together some hints and tips to help residents of Shropshire and Telford & Wrekin avoid getting caught out before the day itself which is November 24.
This year, says the co-operative, deals are expected a week or more before the day itself which is expected to extend until Cyber Monday (November 27) and perhaps beyond.
Steve Barras, Just Credit Union Development Officer, said today: “A Which? Magazine investigation found that in previous years more than 90% of Black Friday deals were the same price – or cheaper – in the six months before the sales event.
Other research showed that purchase scams jumped by around a third compared with the usual monthly average. As a result, Just Credit Union has provided a number of simple steps people can take to avoid becoming a victim of fraud along with several tips to avoid getting over-committed or not get the bargain they thought.
“Plan ahead,” says Steve, “and make a list of items you really want and target them on the day. This will also help to avoid overspending and getting side-tracked by offers on products you don’t want or need.
“Remember, however good the deal, if you really don’t need it, it is not a bargain. We would also warn people to be very careful when using ‘Buy Now Pay Later’ schemes which can be very tempting, but it is very easy to get over-committed and have a debt hangover to deal with in the new year.”
Just Credit Union are recommending people to do their research, shop around and use price tracking as well as price comparison sites to make sure the offer is a real bargain.
The locally based financial co-operative suggests factoring in all the costs with things like delivery adding up.
Added Steve: “It is important to have a budget and if you do need to borrow make sure it is planned as well as having a clear plan for repaying it. Just Credit Union provides a repayment calculator where people can find a loan amount and repayment that suites them.
“We will also make sure any loan is affordable and will even set up a savings account so that people can start saving for summer holidays or next year’s Christmas spending.”