Experts warn consumers against overspending ahead of Black Friday

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With  Black Friday just over a week away, financial experts are warning consumers to be mindful of overspending.

Consumer finance firm, RCS, says in South Africa, consumer spending on November 25 continues to increase year on year.

Deputy CFO Tonia Pavlou shares a few helpful tips to avoid what’s being called, the Black Friday debt trap.

Tonia says despite 2022 being one of the toughest years yet for consumers, Black Friday in South Africa this year, could be bigger than ever.

“Black Friday for us falls after payday and it does make it an opportunity for us to spend because we tend to be in a position to do that but going beyond this, we have this year experienced the prices of our goods going up. We have experienced the petrol prices increasing alongside that we have also had our interest rates going up and it does put a lot of South Africans under a lot of pressure.”