Lending Club Blog

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!

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@RobGarciaSJ

Image courtesy of inacentaurdump.

Friday, November 26th, 2010 at 10:20 am

Comments (5)

  1. Anders:

    Stayed home and watched my investments grow. Not much attraction
    for me, although Cyber Monday is a little more interesting.

    November 29th, 2010 at 12:16 pm

  2. Javid:

    Useful, but you should have posted this BEFORE I headed out and
    spent my Friday store hopping for Black Friday specials.

    November 30th, 2010 at 12:17 pm

  3. Harry:

    its horrible. People buying all the things possible that they don’t
    even really need. Good for the economy, bad for them.

    December 8th, 2010 at 3:24 am

  4. Horacio Jam:

    Wonder how we got so obsessed with sales?

    December 24th, 2010 at 2:27 am

  5. Danya Barmer:

    What a horrible deal for Americans overall, people working hard all
    year and spending all they have (and more, to the point of getting
    into lots of debt) on black Friday and Christmas.

    December 27th, 2010 at 2:14 am

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