Skip to main content
Menu
Back to All Blog Posts

Black Friday: The Apex of Consumerism and Overspending

Here we are today: the most anticipated and talked about shopping day of the year.  The day that marks the unofficial start of the holiday season. Since 2005, Black Friday has become the busiest retail day of the whole year, both in terms of pedestrian traffic at shopping centers and in terms of actual sales volume.

Almost all big retailers participate in such an event with hopes of luring consumers and increasing their sales.  But this concept has also permeated into the financial services industry with ING Direct and Service Credit Union adopting the newly created tradition of special sales promotions on Black Friday.

There are several explanations for the origin of the term “Black Friday”, but the one that really stands out for me personally is that it indicates the period during which retailers begin to turn a profit for their fiscal year, or go “in the black.”  For anybody with basic accounting training, this means that a debit on their books, becomes a credit somewhere else… where?  that would be on YOUR books, “in the red.”

Today, just like David from MoneyNing.com, I’m staying at home enjoying a relaxing day.  But if you are shopping this Black Friday, I wish you much commensuration and conscience when venturing out there for a good sale. Be careful with overspending what you don’t have, and getting yourself into more debt that you may lament later.

Happy Shopping Day!

Follow   me

@RobGarciaSJ

Image courtesy of inacentaurdump.

Personal Loan Rates

This is FREE and won't impact your credit score.

I want
Enter up to $40,000
for
My credit is:

To Read Next

1 min read

Lending Club and the Marketplace Model

Some of our investors have observed the funding environment and asked: “Are you going to become a balance sheet…

Read More
< 1 min read

More Data Coming for Investors

We’re always seeking feedback and looking to make the investor experience better and more transparent. In that spirit we’ve…

Read More
< 1 min read

Bloomberg Markets Names Renaud Laplanche on its 2015 “Most Influential” List

Bloomberg Markets released its annual “Most Influential” list, and we’re thrilled to share that our CEO, Renaud Laplanche, was…

Read More