Reflection: Black Friday Helps Puts America in the RED
U.S. Household Debt Sets Record High
As we embarked upon Black Friday – the top shopping day of the year – our household debt reached an all-time high. What irony that we spend on things that do not matter. Where are your priorities? Smiles at Christmas or long-term fiscal health. Make spending decisions that show you care versus giving the latest trendy gift. You choose!
Total consumer debt exceeds $13.5 Trillion, breaking all records. A major indicator that the economy may slow down is the rise in student delinquencies. Still mortgages are driving the high debt. However, with the low employment, the economy continues to grow. In fact, if growth continues until next year, it will represent the longest period of growth ever.
So, the news is both good and bad: low unemployment and record high debt. How you apply this to your life will vary depending on several factors including your income, security and the amount of non-appreciating debt you have.
Black Friday is an opportunity to save on key planned purchases that you can afford. Exercising discipline and self-control are essential before indulging. If you are like me…. I find too much on ‘sale’ that appeals to me and over purchase. Target what you need and have budgeted. Do not become caught up in the hype.
Remember Thanksgiving is about being grateful for what you do have. Spend time with family instead of on stuff. These experiences will last a lifetime.
Questions to Answer:
- Do you shop on Black Friday?
- How will you change your spending to enhance relationships?
- What changes in your lifestyle can you make to better reflect your gratitude for what you do have?