Beware Black Friday debt trap, warns counselling firm

CAPE TOWN – This is the season to be jolly but it’s also the season to fall into a debt trap. Festive season spending fever will go into overdrive with Black Friday this week.

While some will be hunting for bargains, many will be plunging themselves into debt by needlessly splurging.

One of South Africa’s largest debt counselling companies Debt Rescue says that often deals seem so good that consumers will spend their entire festive season budget in just a few days.

The company’s CEO Neil Roets says: “We’re not saying that you can’t participate in Black Friday at all but go and look at your finances beforehand.

“Go and identify what you actually need and go to the shops and buy that, but then you’ve to manage yourself not to pay more than that.”

But economist Dawie Roodt has a different view on such mass bargain offers more spending is good for the economy.

“There are certainly benefits for consumers and certainly for retailers as well. More people that participate in this Black Friday, the more goods are sold and the more the economics of scale will benefit everybody. And this will certainly benefit the South African economy as well.”

Like Love Haha Wow Sad Angry

Thank you!

We look forward to the opportunity to get you debt-free!

Did you know?

You can start your application process already. Simply download your assessment or fill in our online application and get one step closer to becoming debt-free with Debt Rescue!

Subscribe to Our Weekly Email

By completing this form, you are providing Debt Rescue with the above personal information and acknowledge the terms of Debt Rescue’s Privacy Notice.