Christmas Shopping, Debt, & Stress
Yippee! Last year we spent $10.66 billion on Black Friday. That’s billion with a “B”. $41 billion was the entire 2009 weekend’s take. Many say we “need” a robust holiday buying season, but millions haven’t finished paying for last year. If we add to the $2.4 trillion in consumer debt, then how does that get paid off before Black Friday 2011?
And what about the stress new bills will generate? It’s bad.
What’s the impact on our minds & bodies? It’s really bad.
Is it good for the long haul? No. It can damage our memory and learning and processing abilities. Not something you want along for the long haul.
So … here’s our advice. Change directions. About face. Don’t add any new debt. Just don’t. Go shopping on Black Friday, but don’t spend more than you have. Your kids will understand. It will be okay. Get a friend to make a pact & just say “no” to new debt.
Dr. Paul Nussbaum joins us again talking about the effects of chronic stress. Good stuff.
Here’s a link for the stats on Consumer debt.
Consumer Reports Holiday Shopping Poll.
Here’s a link for the Black Friday & other numbers from the National Retail Federation.
Love it! Go Dani!! It’s a cash or nothing Christmas for our house! Always has been and (Lord help me keep this word) always will be!
I want to stay stress free – the Christmas gift I give myself.
The gift that keeps on giving, huh Noemy? Because you don’t have the bills in Jan, or Feb, or March …. That’s a really, really, wise mindset you guys have. Nice job.
Debt is why we as a Nation are failing. The me generation and sense of entitlement. We need to exercise our decision making muscle; we need to apply grandma economics. Don’t spend more than you make, if you don’t have cash you can’t have it. Don’t worry about your credit score, tend to your savings account, pay yourself first 10%, tithe if you can, pretty basic stuff.
You can always come over and watch my TV, it’s paid for.
Thanks for the invite, Terry. And thanks for sharing the Grandma-nomics – spend less than you make. The great news though, it’s pretty amazing how quickly one can get out of debt if it becomes a real focus. I’ve watched people go through Dave Ramsey’s program, and others, and it’s pretty amazing. But like most things, to get momentum you’ve got to exert a lot of effort at first. It’s worth it though.
What are we watching on Thanksgiving?
What ever you want, one small catch you have to fly to Phoenix cuz thats where I’ll be. You can go by annd watch TV with my son he has to work so he won’t be making the trip. Lions play the Pats so thats what will be on at the hizzie.
Who will have the better snacks?
It’s a cash or nothing Christmas for our house this year! Thanks for the reinforcement Doug.
Go Angie, go.
Have NEVER gone shopping on Black Friday! And, this year, for me as well…cash only and only kid gifts.
Hi Christy,
We went on Black Friday once, probably 10 years ago. There’s a certain raw, survivalist feel to the early morning hours. But we haven’t been since. Cash only is smart! Hope you have a great Christmas.