As retailers gear up for Black Friday, debt counselors are warning consumers not to spend money they do not have.
Debt rescue says the number of consumers who undergo debt counselling doubles every January.
Many retailers are already advertising massive discounts ahead of Friday’s Black Friday offering.
Some consumers will be shopping online to avoid the long queues at retail stores, but debt counselors have warned consumers to only buy necessities and not to use credit to purchase food and other small items.
Debt rescue has urged consumers to use any extra income to pay off debt with the highest interest rate such as unsecured credit.
Neil Roets, Debt Rescue’s Ceo says: “The danger with Black Friday is that it entices people to spend money they don’t have or over spend on their budget. We recommend that people must draw up a budget for the festive season.”
Volvo is one of the car dealerships that has jumped on the band wagon, it expects sales to increase tremendously on Friday.
Vic Campher the MD of Tom Campher Volvo Cars elaborates:
“Volvo is offering up to R1000 back per month for the whole year from the smallest car to the high performance one.”
Consumers have been urged to only buy items that they have budgeted for on Black Friday and avoid buying things they do not need.
