Save instead of going bankrupt – too much debt before the festival is a “real crisis”

“Christmas and gift giving are a very emotionally charged affair,” warns Clemens Mitterlehner, head of the Association of Debt Advisors ASB, for spontaneous purchases, consumer loans and overdrawn accounts.

There are more and more offers for installment purchases before Christmas Eve – even for three years. “That means I’ll be paying for Christmas this year until Christmas 2027.”

Black Friday & Co. as an “advertising medium”
According to Mitterlehner, promotional days like ‘Cyber ​​Monday’ on December 2 are simply ‘advertising tools for the consumer industry’. Research has shown that prices rise before these promotional days, so that discounts can be advertised afterwards.

He sees the problem with consumers who are not very ‘determined’ in their wishes and decisions. During promotional days, an “artificial shortage” was sometimes used – according to the motto “only three pieces available or the price only available today”.

Artificial scarcity as an incentive
The feeling could arise: “If I don’t buy this now, I will miss something,” the expert warns and gives the following tip: “Do not go into debt for gifts, nor overdraw, nor make an installment purchase, nor make an advance with borrowed money, that is a must is the common thread.” 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 “strong month”
Experience shows that the number of questions about debt advice increases in January. “There is a strong month at the beginning of the year.” On the one hand, because people have overestimated themselves financially, and on the other hand, the New Year’s resolution – “Now I am going to tackle my problem” – plays a role. a role.

There are no full figures for the number of inquiries for the entire year of 2024, but the trend is increasing year on year if we look at the last few quarters. Mitterlehner identifies a “palpable social crisis.”

• Give time: Countdowns and supposedly limited offers are intended to encourage hasty purchases – these are not always real bargains! Please note: retailers must always list the lowest price from the last 30 days and may only advertise their price reductions in relation to this.

• Look at the fine print: “Up to minus 60 percent” sounds tempting, but often only applies to slow sellers. Look carefully at the fine print so you don’t fall for scam offers.

• Pay attention to prices: Check out price developments on platforms such as geizhals.at or idealo.at. There you can set a price alert – all year round – so that the platforms inform you as soon as a product is available at a price you set.

• Please note additional costs: A real bargain quickly turns into a disappointment due to high shipping costs – customs fees may apply, especially for orders from other EU countries. If you don’t like the product, there are often additional shipping costs for returning that you have to pay yourself. Read the fine print!

• Know the right of withdrawal: When purchasing online, you usually have a right of withdrawal of 14 days from receipt of the goods. Before you press the ‘Buy’ button, please check carefully where the returned goods are going. If clear information is missing as to whether you need to return the goods to Asia or other EU third countries, this can be very expensive. By the way: there is no right of withdrawal in the store, unless the store voluntarily grants this to you.

• Beware of fake shops: Black Friday is also peak season for criminals who use fraudulent fake shopping offers to steal money and data from you. When it comes to unbeatably cheap offers, always be vigilant and check the store reviews. And: don’t make any advances!