Consumers advised to spend wisely this season
Acting Manager for Education and Communication, Advocate Kedilatile Legodi, reminded consumers that failure to consider January expenses during the festive season will make the month feel longer and financially stressful
THE National Credit Regulator (NCR) has encouraged consumers to draft budgets to prevent unnecessary spending over the December holidays.
Acting Manager for Education and Communication, Advocate Kedilatile Legodi, reminded consumers that failure to consider January expenses during the festive season will make the month feel longer and financially stressful.
Legodi said spending wisely this season will alleviate the need for consumers to borrow money in January.
The NCR, which is responsible for the regulation of the credit industry in South Africa, said the desperation to borrow money to cope with January expenses can make consumers the target of unregistered credit providers.
‘Consumers are advised to only use NCR registered credit providers.’
Tips for the festive season:
Plan and draw up a list of your needs.
Set a realistic budget for what is on the list.
Prioritise your home loan, rent and school fees. Where possible, pay more.
Buy school uniforms and stationery now when you have the money.
Start saving for next year’s projects such as holidays, renovations, studying, retail sales/specials and do not rely on credit for this.
If you battle with debt, contact a registered debt counsellor for assistance.
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