As Black Friday approaches, many New Zealanders are turning to debt to fund their holiday shopping, a trend that has become increasingly prevalent in recent years. According to financial experts, the focus for consumers is less about spending wisely and more about finding the cash to spend now, with the intention of worrying about repayment later. This cycle of accumulating debt is particularly concerning, as it often leads to a worsening financial situation. A survey revealed that 51% of Kiwis plan to participate in Black Friday shopping, an increase from the previous year, despite warnings about inflated prices on discounted items. Financial analysts note that February typically sees a spike in debt consolidations, as holiday spending takes its toll. Experts advise against using debt for non-essential purchases and recommend alternative ways to celebrate the holidays, such as potluck meals and homemade gifts, emphasizing that Christmas should be about family and gratitude rather than financial strain.
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