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Saving Wisconsin residents from store credit card debts

While some Appleton, Wisconsin, residents are taking advantage of occasional sales at malls and different department stores, other people are saving up and waiting for Black Friday. The day after Thanksgiving, often known as Black Friday in the retail world, is a day when hundreds of people line up outside of stores and enjoy great deals and discounts. However, many retail businesses will make Black Friday an opportunity to offer perks that may attract consumers to sign up for store credit cards, which potentially result in credit card debt and more personal expenses.

Store credit cards can offer exclusive deals to people who sign up for them. For example, Toys R Us and Target are offering great perks during Black Friday, such as exclusive checkout lines for customers who buy with their store credit cards. Based on Target’s statistics, the company’s store credit card, named REDCard, increased in sales by 14 percent in 2012.

However, such exclusive deals may cause shoppers to carry consumer debt and additional expenses. These types of credit cards may carry high interest rates. Store credit cards are also limited to a certain store as well. For Wisconsin residents with other credit cards, store cards will bring additional credit card expenses, resulting in more overall credit card debt.

Black Friday frequently entices shoppers to purchase discounted items beyond what they can afford. However, using store credit cards during Black Friday may trap debtors with overwhelming debts, leading to financial disaster.

Once credit card debt goes beyond a person’s control, it may ruin the person’s financial health and credit score. Thankfully, credit card debt can be resolved with the help of personal bankruptcy. Personal bankruptcy in Wisconsin may create ways to help a person repay his or her credit card debts. Although the person may have to give up his or her credit cards for a specific period of time, the relief from overwhelming debts and financial difficulties can benefit them beyond the holiday season.

Source:¬†Business 2 Community, “Black Friday sales and store credit cards: Why the quick perk isn’t worth it,” Matt Ong, Oct. 19, 2013

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