The National Credit Regulator (NCR) of South Africa on Wednesday warned people in the country to avoid impulse buying but spend their hard earned cash wisely.
Black Friday would be on Nov. 25, where people are usually expected to flock to the shops with the hope to buy goods cheaper. The NCR said the Black Fridays come when consumers are facing rising cost of living and high interest rates.
“Avoid succumbing to Black Friday hype. Spend wisely if you have budgeted. Borrow wisely if you need a big ticket item or have to make an emergency purchase that is nicely discounted,” said Poppy Kweyama, education and communication manager at the NCR.
“Although it may make sense to take advantage of Black Friday sales and discounts to save money, beware that unplanned purchases driven by excitement, impulse buying and the fear of missing on bargains sometimes make it much more tempting to buy on credit when you haven’t budgeted and don’t have cash,” she said.
Kweyama warned customers not be hoodwinked into believing that every item has a reduced price during the Back Friday.
“Irresponsible use of credit is not only expensive, but risky as well. If one takes into account the interest and fees on the credit, it makes the purchase more expensive, so you are not actually saving any money,” she said, warning consumers do not let Black Friday lead to a blacklisting.