From Black Voices — December is right around the corner, and that means you can’t walk into any retail establishment or department store without being inundated with sales offers, promotions, and other marketing gimmicks designed to get you spending for the holiday season.

Well, I don’t want to squash your hunt for 2010 Black Friday deals or dampen your year-end festivities. But I would like you to think about two smart ways you can avoid overspending and debt during the holidays on Black Friday:

Use more cash than plastic

Studies show that shoppers tend to buy more than they had planned (in terms of quantity) – and to purchase higher-priced items when they use credit cards versus cash. When you have to fork over cold, hard dollars, psychologically, it makes you think about the value of your purchases Black Friday purchases.

So before you go on a gift-buying binge, hit the ATM first – armed with your budget – and take out exactly the maximum amount you’ve determined you can afford. Later, when you are out of cash, that’s it. Leave the mall or whatever store you’re in. Resist the temptation to whip out plastic to buy more stuff.

The National Retail Federation predicts that the average shopper will spend about $687 on holiday purchases in 2010, on Black Friday and beyond. About 43% of consumers will pay with debit cards; 26% will pay with cash. Both are smart choices.

(Continue Reading @ Black Voices…)

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