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Clark Howard: Mattress Firm bankruptcy could mean big savings for consumers

The news of Mattress Firm filing for bankruptcy may be alarming to some, but according to financial expert Clark Howard, it could actually lead to major savings for consumers. Howard recently shared his thoughts on the matter, explaining why the bankruptcy could be a good thing for those in need of a new mattress.

1. More competition, more deals

With Mattress Firm closing down hundreds of stores, there will be a void in the market that other companies will be eager to fill. This means more competition and ultimately, more deals and discounts for consumers. Howard advises shoppers to keep an eye out for sales and promotions from other retailers looking to capitalize on the situation.

2. Negotiate for a better price

If you're in the market for a new mattress, now is the time to negotiate for a better price. With Mattress Firm facing financial troubles, they may be more willing to offer discounts or throw in extra perks to make a sale. Don't be afraid to ask for a better deal, as Howard notes that retailers are often willing to negotiate when they are struggling.

3. Look for clearance sales

Howard also recommends keeping an eye out for clearance sales at Mattress Firm locations that are closing down. These sales can offer significant discounts on mattresses and other bedding accessories. Just be sure to do your research and compare prices to ensure you're getting the best deal possible.

4. Consider online retailers

In addition to traditional brick-and-mortar stores, there are also numerous online retailers that offer mattresses at competitive prices. Howard suggests checking out sites like Casper, Leesa, and Tuft & Needle, which offer high-quality mattresses at affordable prices. Plus, you can often take advantage of free shipping and trial periods to ensure you're happy with your purchase.

5. Don't be afraid to wait

While it may be tempting to rush out and take advantage of the potential deals during Mattress Firm's bankruptcy, Howard advises consumers not to feel pressured into making a purchase right away. He suggests waiting until the dust settles and taking the time to research and compare prices to ensure you're getting the best deal possible.

6. Know your budget and needs

Before making any major purchase, it's important to have a budget and know what you're looking for. Howard advises consumers to be aware of their budget and stick to it, as well as consider their specific needs and preferences when it comes to choosing a mattress. This will help you make a more informed decision and avoid overspending.

7. Beware of sales tactics

With all of the potential deals and discounts available during Mattress Firm's bankruptcy, it's important to be aware of sales tactics that may be used to pressure you into making a purchase. Howard advises consumers to be cautious of high-pressure sales tactics and to always do their own research before making a decision.

8. Utilize price matching

Many retailers offer price matching, meaning they will match or beat a competitor's price for the same product. Howard suggests taking advantage of this if you find a better deal on a mattress, as it can save you money and allow you to purchase from a retailer you trust.

9. Consider financing options

If you're in need of a new mattress but don't have the funds to make a purchase outright, Howard recommends looking into financing options. Many retailers offer financing with low or no interest, allowing you to pay for your mattress over time without breaking the bank.