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High-interest rates, inflation outpacing salary increments, and the inability to fulfill monthly debt commitments have driven consumers to delve deeper into financial strains.
The National Credit Regulator has warned consumers to be aware of scammers and cyber criminals while making online purchases this Black Friday.
This as some retail stores participate in the annual popular shopping event, offering special deals and discounts.
A Senior Education Officer at the National Credit Regulator, Jimmy Golele has urged consumers to buy what they need, to spend wisely, and to evaluate their levels of affordability this Black Friday as South Africans deal with high cost of living and unemployment.
“The pull factor of Black Friday is the discount on the savings that you make. However, if you are going to buy on savings you may end up paying more than the actual price of that particular item.
“So, we urge year in and year out that consumers should prepare themselves for black Friday by putting money aside and saving money in preparation to participate in black Friday. We caution consumers those who will be participating in online shopping must be very cautious of the websites that they visit. There will be scammers and fraudsters who will establish websites specifically for the festive season, knowing that it’s quite busy,” says Golele.
