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Consumers urged to avoid loans this January

The festive season contributes to overspending but the pandemic has also put a strain on budgets this time around.

FILE: What often feels like the longest month in any year has come with even more challenges. Picture: sxc.hu

CAPE TOWN - Now with January often a bleak month for many, consumers are being urged to steer clear of loans that would pull them further into a financial blackhole.

The festive season contributes to overspending but the coronavirus pandemic has also put a strain on budgets this time around.

Consumers have on Tuesday been advised if possible to adjust their spending before plunging into further debt.

What often feels like the longest month in any year has come with even more challenges.

Caught in the middle of a pandemic many people were already battling to make ends meet, forcing them to turn elsewhere for cash.

Consumers have been urged to avoid falling into a deeper financial trap and think twice before acquiring loans.

Debtbusters Chief Operating Officer Benay Sager said a short-term relief would hurt in the long run.

“If you’re struggling to make ends meet, in the long run you will think about borrowing more to make ends meet. So, think about what you’re sending your money on.”

Sager is also advising people to budget as far as possible, as failing to meet payments will negatively impact your credit record.

Those in need of help are also urged to seek debt counselling.

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