What South Africans will be spending this festive season | Households are planning to spend about R5 968 on “extras” over the December break, which is 11% down from last year
PERSONAL FINANCE
With higher interest rates and rising living costs, 38% of the 8 500 people surveyed said they are financially worse off than they had been last year. More than 50% said they would be spending less than they did last year. Credit taken over the festive season is one of the main reasons for credit default. According to credit bureau Experian, the number of defaults spikes around April and May every year. This is due to credit taken over the festive season that consumers have not repaid.
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