While looking out for good deals, this Black Friday, we should also be on the lookout for deals which might lead to long-term credit depression. Using credit on Black Friday spending should be the last resort. Rather have a budget and be disciplined.
We are already in the festive mood and are likely to increase our spending. Statistics from the National Credit Regulator – in the Consumer Credit Market Report – show that for the quarter that ended in June, credit facilities consisting mainly of credit cards, store cards and bank overdrafts increased from R20.26 billion to R21.11 billion, a quarter-on-quarter increase of 4.1%, while in December last year the quarter-on-quarter increase was 15%.
This indicates that as consumers we are likely to increase our usage on credit facilities during this time of the year. But we should not forget other obligations, such as back-to-school expenses, and expenses that normally come with the new year. We should be proactive and not find ourselves caught in the usual Januworry.
Should you have failed to make a budget and have no alternative, or see the need to purchase using credit, keep your monthly obligation according to your credit agreement and pay your instalments timeously. Pay a bit more if you are able to because this will help you pay off the debt faster. Consumers can contact the office of the Credit Ombud for free assistance if they experience any issues relating to credit agreements with non-bank credit providers such as clothing and furniture retailers, as well as microlenders, fraudulent listings, emolument attachment orders/garnishee orders or general complaints about their credit bureau listings.; on email at [email protected]; or via SMS on 44786 and we will call you.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AKA and DJ Zinhle's daughter Kairo gets an early start in celeb stakesThe four-year-old's first business venture is a kiddies watch called the Kairo Era.
Read more »
Gordhan and Duarte: Zille says ‘ANC race-baiting’ has turned on its ownThe public enterprises minister has been accused of being on an 'anti-black crusade', while the ANC deputy secretary general slammed her own party for racism.
Read more »