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What To Buy On Black Friday: Don't Buy Anything, MNP Says

The perception that you're getting a deal on Black Friday isn't real, MNP's president says.

11/23/2017 15:51 EST | Updated 11/23/2017 15:51 EST
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Around half of Canadians say they're actually trying to save money for the holidays, according to an Ipsos poll for MNP.

Don't get caught up in the Black Friday frenzy, Canada's largest insolvency firm says.

Debt experts at MNP have released an Ipsos poll done for the company to promote Buy Nothing Day, an alternative to the "mindless spending" that occurs on Black Friday, according to a statement.

Buy Nothing Day was founded in Canada in 1992 as a protest against consumerism.

...the danger is they spend more than they really should've because they thought it was a deal.David Gowling, MNP senior vice-president

Nearly half (45 per cent) of Canadians say their financial situation is worst around this time of year, according to the poll.

MNP senior vice-president David Gowling told HuffPost Canada the "good news" from the poll is that around half of Canadians — 48 per cent — are saying they're actually trying to save money for the holidays.

Gowling said the poll and "Buy Nothing Friday" are aimed at helping Canadians think about their spending on these types of big-discount weekends.

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MNP president Grant Bazian says if you're carrying a balance on your credit card, don't shop on Black Friday.

"There always seems to be this big rush, there's all these discounts out there and then people get caught up and the danger is they spend more than they really should've because they thought it was a deal."

He said more Canadians are recognizing that their debt loads are quite high and that they "need to try to take control of that."

He pointed to Statistcs Canada data showing Canadians have $1.67 in debt for every dollar of disposable income.

If you already carry a balance on your credit card, do not shop on Black Friday.Grant Bazian, MNP president

MNP president Grant Bazian said the perception that you're getting a deal on Black Friday isn't real.

"Impulse purchases end up costing a lot more than the sticker price once you factor in the interest accrued on credit cards," Bazian said in a statement.

His advice?

"If you already carry a balance on your credit card, do not shop on Black Friday."

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