It is illuminating to see how Black Friday has now transformed into Black November (or blue tag this and that).
Retailers are so eager to compete with each other for your available funds earlier and earlier that it feels like we are going to eventually end up with Black February one day.
But with the economy still feeling the impact of the pandemic and then record high interest rates, times have been tough. Government has even allowed desperate consumers the chance to pillage their own future retirement savings to try provide some breathing room.
Interestingly, many Debt Counsellors are seeing the impact of the two pot withdrawals and a definite reduction in applications by some types of consumers.
This “spend now and pay later” mentality focuses on temporary relief over long term benefits. Debt Counsellors anticipate a quieter December & Jan this year with a possible flood of applications early in 2025.
”During the year we can all easily fall into survival mode”
During the year we can all easily fall into survival mode. Many of us are just trying to make it to the end of the week and then, to the end of the month before we start all over again. Fortunately, the coming end of a year often gives us a chance to take a moment and catch our breath. To strategize. To charge the batteries and maybe see things in perspective.
From our side, we are making some changes to the layout and feel of the mag from this month as we look to implement plans we have had in the works for a while. I mean, you probably won’t even notice but we are excited about it. We hope to be able to serve up a nice mix of general financial articles and very specific debt review content to both consumers in debt review and those who work providing debt review.
It’s been nice to do some homework, make some adjustments and put plans into action. We hope that you too are going to get a chance to review how far you have come this year, and make plans for what lies ahead.
For now, please beware of all those adverts from retailers begging you to spend with them. End of year madness can overwhelm the best of us. Keep strong, keep focused, make those plans and soon you will be debt free.