Saving instead of bankruptcy

Over-indebtedness before the festive season is a “tangible crisis”

There are more and more installment purchase offers before Christmas Eve. Surveys have shown that prices rise before promotional days such as Black Friday so that a discount can be advertised afterwards.

(Bild: stock.adobe.com/Vitalii - stock.adobe.com)

Christmas is just a few weeks away and retailers are already tempting us with offers - from "Black Friday" to "Cyber Monday". Due to social pressure, the temptation to dig deeper into your wallet than your finances allow is great ...

"Christmas and gift-giving are very emotionally charged," warns Clemens Mitterlehner, head of the ASB debt advice association, against impulse purchases, consumer credit and overdrawn accounts.

There are more and more installment purchase offers before Christmas Eve - even for three years. "That means I'll be paying for Christmas this year until Christmas 2027."

Black Friday & Co. as "advertising tools"
 Promotional days such as "Cyber Monday" on December 2 are simply "advertising tools for the consumer industry", according to Mitterlehner. Surveys have shown that prices rise before these promotional days so that a discount can be advertised afterwards.

He sees the problem with consumers who are not very "settled" in their wishes and decisions. On special offer days, "artificial shortages" are sometimes used - along the lines of "only three items available or price only available today".

There are more and more installment purchase offers before Christmas Eve. Surveys have shown that prices rise before promotional days such as Black Friday so that a discount can be advertised afterwards.

(Bild: stock.adobe.com/Vitalii - stock.adobe.com)

Artificial scarcity as an incentive
This could give rise to the feeling: "If I don't buy this now, then I'm missing out," warns the expert and gives the following tip: "Don't go into debt for gifts, neither overdrafts nor installment purchases, nor an advance with borrowed money - that has to be the red line." If possible, shop in cash, not online and without time pressure, then it will be easier to stick to the budget for the Christmas holidays.

January a "strong month"
 Experience shows that debt advice inquiries increase in January. "The beginning of the year is a strong month." On the one hand, this is because people have overstretched themselves financially, and on the other hand, the New Year's resolution - "now I'm going to tackle my problem" - plays a role.

Although there are no complete figures for inquiries in 2024 as a whole, the trend is rising year-on-year with regard to the last few quarters. Mitterlehner identifies a "tangible social crisis".

Sparen statt Schulden

Folgende Tipps lotsen Sie sicher durch die „Schnäppchentage“ und können Ihnen wirklich bares Geld sparen:

• Give it time: Countdowns and supposedly limited offers should urge people to make hasty purchases - these are not always real bargains! Beware, retailers must always quote the lowest price of the last 30 days and may only advertise their price reductions in relation to this.

• Look at the small print: "Up to minus 60 percent" sounds tempting, but often only applies to slow sellers. Take a look at the small print so that you don't fall for bait-and-switch offers.

• Monitor prices: Check price trends on platforms such as geizhals.at or idealo.at. You can set a price alert there - all year round - so that the platforms inform you as soon as a product is available at a price you specify.

• Note additional costs: A real bargain can quickly turn into a disappointment due to high shipping costs - especially when ordering from other EU countries, customs duties may be incurred. If you don't like the goods, there are often additional return costs that you have to pay yourself. Read the small print!

• Know your right of withdrawal: With online purchases, you generally have a 14-day right of withdrawal from receipt of the goods. Before you press the "Buy" button, check exactly where the goods are being returned to. If there are no clear instructions or if you have to return the goods to Asia or other EU third countries, this can be really expensive. By the way: There is no right of withdrawal in stores, unless the stores voluntarily grant you this right.

• Watch out for fake stores: Black Friday is also high season for criminals who use fraudulent fake store offers to take money and data out of your pocket. Always be vigilant with unbeatably cheap offers and check store ratings. And: Do not make any advance payments!