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Beware of Black Friday credit trap, credit agency TransUnion warns

Black Friday is on 29 November and stores have already started advertising Black Friday deals.

FILE: A shopper fills her trolley with items as she rushes to buy more items during Black Friday in Sandton City on 23 November 2018. Picture: EWN

CAPE TOWN - With Black Friday just around the corner, consumer credit agency TransUnion has cautioned South Africans to spend wisely.

Black Friday is on 29 November and stores have already started advertising Black Friday deals.

TransUnion Africa CEO Lee Naik said: “We do find that when people take on credit and don’t service it, you tend to have consequences. Almost half of all retail accounts opened in Black Friday week were one month in arrears six months later.”

He said there were 25 million people that were active credit consumers and that could access their free credit reports once a year, but only 400,000 people made use of it.

“When you have information, you know what accounts you have, and you can decide how much you’ll take on further to spend on Black Friday week. Start there.”

Naik said during this time there would be lots of marketing for very good deals and consumers needed to be aware of their situation.

“Every retailer, given the tough economy, will try to push out massive sales. In the end, every consumer needs to be aware of their situation before they take on more credit.”

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