FSW Debt Counseling Warns of Financial Risks During the Christmas Season

Every year again: Before Christmas, especially online shops lure with Black Friday and Cyber Monday promotions with special discounts. Clever marketing puts customers under pressure and often leads to unreflective purchases. Therefore, the FSW Debt Counseling warns to be cautious.

Advertising psychological tricks, such as there is only one product left, or that a discount is time-limited, create enormous pressure among customers. "At the latest, customers should reflect again whether they really need the product and whether they need it at this time. It is important not to let yourself be pressured," says Katharina Zahradka, Head of Financial Education at FSW Debt Counseling.

Especially thoughtless consumer behavior and a lack of financial education repeatedly lead to people getting into financial difficulties. High interest rates, compound interest, as well as reminder fees for unpaid bills or overdrawn accounts, make the debt spiral spin faster and faster, eventually prompting many affected individuals to seek support from debt counseling. Especially the pre-Christmas period tempts people to make thoughtless purchases - this is then reflected with a delay at the FSW Debt Counseling. Thus, the number of first contacts at the FSW Debt Counseling increases by around 20 percent in the first quarter compared to the last quarter of the previous year. From the last quarter of 2024 to the first quarter of 2025, the number was 24%.

Online Gift Calculator Helps Keep a Cool Head and Maintain an Overview

The discount battle around Black Friday and Christmas promotions not only leads to thoughtless purchasing decisions but also to losing track of the available budget. "Offers like 'Buy now - pay later' only tempt you to spend more money than you have, I strongly advise against it. It's best to set a financial limit for yourself, so you only spend the money that is actually available and thus maintain an overview of the available budget," says Zahradka.

"To keep a cool head and maintain an overview, it is helpful to use a shopping list - even when online shopping. Compare prices, often they are only seemingly heavily reduced," emphasizes Zahradka. The online gift calculator from FSW Debt Counseling is also useful here: At https://www.schuldenberatung.wien/geschenkerechner, gift purchases can be planned in advance and the financing considered.

The Most Important Tips from Debt Counseling:

- Do not let yourself be pressured

- Do not agree to installment payments

- Set a budget limit

- Shop with a shopping list - even online

- Use the online gift calculator at: www.schuldenberatung.wien/geschenkerechner

- Compare prices: Online is not always cheaper

- If you regret a purchase decision: Make use of the right of return

More about Christmas in Vienna

(Red)

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