Plan and stick to a budget this Black Friday

“Consumers must not allow Black Friday to lead to ‘Blacklisting’, because it will end in a one-day event leading to a lifetime of struggle.”

November 29, 2019

Newcastle Advertiser 1 minute read

Consumers have been cautioned against making reckless spending choices this Black Friday. The National Credit Regulator (NCR) has urged consumers to be smart and responsible spenders to avoid future financial troubles.

The first thing you should do, according to the NCR, is to draw up a list of ‘needs’ and ‘wants’, and then look at your budget to see if you have enough to cover what you plan on buying. The NCR has also advised consumers not to take the value of planning and budgeting for granted.

In a press release, NCR said the following:

By drawing up a list, you avoid falling into the trap of buying things you don’t need. By budgeting, you will be ensuring that your spending is within your means.
Buying on credit without a plan could lead to an inability to repay the credit you were granted.
If this happens, credit providers will take legal action and this will negatively affect your credit record.
Once you have a negative record as a consumer, not only will accessing future credit be a struggle, it will be expensive, because credit providers will charge you higher interest rates in comparison to those who have positive credit records.
This can also affect people seeking employment in cases where the job requires you to deal with cash and/or finances.

Advocate Kedilatile Legodi cautioned consumers to avoid reckless and impulsive buying on credit.