Cape Town - Avoid spending what you don’t have on Black Friday, the National Credit Regulator (NCR) has cautioned.
“In these difficult economic times, consumers are cautioned to avoid partaking in this year’s Black Friday if they did not properly plan or budget for it. They should rather save their money for emergencies,” said NCR communication acting manager Anne-Carien Du Plooy.
The NCR acknowledged the Covid-19 pandemic made this year “exceptionally difficult for everyone”.
“It resulted in loss of income, retrenchments and salary reductions for some consumers, added extra financial pressure on already financially stressed households or individuals,” the regulator said.
Du Plooy said with consumers likely to battle to meet their current financial obligations, she advised “not to use credit for Black Friday as using credit does not amount to saving”.
“Instead, consumers will end up paying more due to the addition of interest and other fees such as monthly service fees, once- off initiation fees, credit life insurance etc,” she said.
Helpful tips for consumers for Black Friday:
- Set a realistic budget of what you can afford to spend and stick to it
- Plan and draw up a list of what you need
- Check the items and prices before Black Friday to do a comparison on the prices and ensure you are getting a better deal
- Avoid buying food on credit
- Avoid using unregistered credit providers to get quick loans as you will pay dearly for those
- Remember, cash is king!