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National Credit Regulator Warns Consumers This Festive Season

National Credit Regulator

The National Credit Regulator (NCR) is warning consumers not to overspend this festive season. It is very easy to get carried away during the holidays. With friends and family coming over for events, it’s difficult not to deal pressurized to impress.

The South African reports:

“We are advising consumers to be cautious of their spending during this festive season and only spend what they can afford. Consumers should not overdo it,” said acting manager for education and communication at the NCR, Jimmy Golele.

2018 Has Been A Very Tough Year For Consumers

2018 has been a challenging year for all South African consumers. With increasing inflation, caused by the weakening currency and increasing petrol costs, consumers have had to fork out more cash for day-to-day expenses. As living expense increase, budgeting becomes more and more important.

December bonuses and 13th cheques need to be used very wisely by consumers. This extra cash can be used to settle expensive debt, such as credit cards or short term loans. Alternatively, this money should be put in an interest-yielding savings account.

“The New Year comes with its own expenses such as school uniform, school registration fees, transport costs, food costs and many other costs. If you failed to plan and spend wisely during the festive season, you will find yourself cash strapped in the New Year and it will be difficult to get out,” said Golele.

Top Tips For Festive Season Shoppers

  • Always make a shopping list to take to the shops. This will prevent you from buying unnecessary goods and overspending
  • Draw up a reasonable budget and stick to it
  • Don’t forget that often you get paid earlier in December. Your December salary will therefore have to last you 5-6 weeks
  • Buy in bulk to save money on frequently used pantry items
  • Shop around to find the best prices
  • Buy the house brand items for cheaper than brand names
  • If you are struggling with debt, chat to a registered debt counsellor for advice

Speaking To A Debt Counsellor For Debt Help

If you find yourself cash-strapped and up to your ears in loan repayments, you need to seek help. A debt counsellor is a great place to start. They will conduct a full assessment and see what type of solution you may need. Debt counselling, for example, assists you by reducing your monthly debt repayments, lowering your interest rates and getting you out of debt.

{Source: The South African}

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