AVOID HURRIED FINANCIAL DECISIONS
April 22, 2016
Scarcity is a common marketing tool. It’s common because it is effective. “This offer ends Friday!” and “Only 5 left in stock!” are examples of scarcity marketing. Scarcity marketing encourages you to make quick purchasing decisions because if you don’t hurry, you fear that you’ll miss out.
Many of our bankruptcy clients have gotten into too much debt because of scarcity marketing. They don’t want to miss out on a great deal or a last chance to get an item, so they buy things on credit that they can’t really afford. When you add in the cost of interest and late fees, not to mention the emotional stress that excessive debt brings, those items weren’t worth buying.
Do not become a victim of the scarcity marketing technique. It is vital that you take the time to consider if you really need and can afford what you are going to purchase, especially if it is a high-cost purchase. A budget is an essential tool to help you know what you can afford. If you can’t afford to pay cash, and you can’t afford the monthly payments, do not buy the item.
If a salesperson is pressuring you by telling you the offer won’t last, you should be skeptical. Sales are always coming and going. The offer you have now may really expire tomorrow, but you will probably be able to find the same item at a low price again. If you wait and shop around, you may even be able to find a better price. You can also try to find a lightly used version of the item, and save even more money that way.
Don’t hurry to spend your money. Don’t fear that you’ll miss out. Be thoughtful and careful with your purchasing decisions, and marketing ploys won’t be able to manipulate you into buying something you don’t need and can’t afford. Call our Syracuse Bankruptcy Law Office today!