The true cost of Black Friday: Things to consider before you splurge
Some consumers are itching to spend their hard-earned cash this Black Friday. Just don't go and get yourself into choking debt if you're planning to splurge.
CAPE TOWN - Some consumers are itching to spend their hard-earned cash this Black Friday.
Just don't go and get yourself into choking debt if you're planning to splurge.
"South Africans should seriously consider the true cost of Black Friday purchases when using high-interest credit cards or personal loans to pay for them. A R5,000 spent from a personal loan can end up costing more than double. No one wants to end up over-indebted or in need of debt relief solutions because of Black Friday purchases," said National Debt Advisors' Moeshfika Botha.
She urged consumers to carefully consider the cost of their Black Friday purchases.
Botha has some tips for those eyeing those supposed specials.
"Start looking for stores and online shopping platforms that use the rewards system of your debit, credit and store cards already.
"Be vigilant for fraud and online scams around the Black Friday period.
"And when buying on your credit card or using funds from an overdraft or personal loan take the interest rates and repayment amounts into account. Weigh it up against the savings you are really getting on an item," Botha said.