By Adam Donnelly

Debt experts want Kamloops consumers to spend responsibly this Boxing Week

Dec 27, 2018 | 4:34 PM

KAMLOOPS — Traditionally, Boxing Day has been the time for Canadians to find the lowest prices on big ticket items they’ve had their eye on for some time. Boxing Day has now become Boxing Week, and according to a poll released just before Christmas, almost half of Canadians have anxiety when it comes to paying off their holiday debts. CFJC Today spoke to one debt relief expert about how to ease those fears and avoid having the January blues when your Christmas bills come due.

If you’re in the market for a big-ticket electronic item like a new TV, Boxing Week is still the best time to find the lowest prices at most Canadian retailers.

“The companies… like Sony, Samsung, Panasonic… this is their chance to get rid of inventory,” Lance Yamada of Andre’s Electronics Experts says. “The [new] ones come in April, so they want to get rid of it, so they’re going to flog it out as cheap as they can.”

While Boxing Week can mean savings for many consumers, a recent poll by chartered accounting firm MNP suggests many Canadians are still over-extending their buying power during the holiday season, causing stress and anxiety down the road.

According to the survey, 43% of Canadians asked said they anticipate feelings of anxiety about the arrival of their holiday bills, with about 16% saying they were lured in by special deals offered on Black Friday or Boxing Day.

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“A lot of it is impulse buying. Our system is designed to sell stuff,” Loren Pohl, Debt Relief Specialist with 4 Pillars in Kamloops explained. “Fast and furious, they can give you credit no problem, in-store.”

Pohl says consumers need to learn how to avoid digging themselves into a financial hole over the holidays.

“We’re not taught how to deal with debt. we just kind of learn to accept that everybody has debt now because you have to have credit cards,” Pohl explains. “So having a plan to deal with debt is pretty critical because it can get out of hand in a big hurry, as a lot of people have found out.”

If you find you just can’t refuse that incredible deal on a new big screen during Boxing Week, Pohl suggests having a plan to make sure you pay that debt off in a timely fashion.

“If you do find yourself in that situation, get a plan. People tend to over-exaggerate their income and under-exaggerate their bills,” Pohl says. “Knowing exactly where you stand is a really good place to start. Have a very basic understanding of simple budgeting and don’t spend more than you make.”