Faizel Patel, Radio Islam News - 28-11-2019
With just a day left before Black Friday, the National Credit Regulator (NCR) has cautioned consumers against making reckless spending decisions and encouraged to be smart and responsible spenders.
The NCR says to be smart and avoid unnecessary future financial troubles, consumers are advised to first draw up a list, separating “needs” from “wants”, then look into the budget to check whether the available money is enough.
The organization says if consumers by on credit, they should consider the related costs that they will have to pay overtime, the ability to repay the debt and decide whether it is worth spending on credit for Black Friday.
Speaking to Radio Islam, the NCR’s Rishaana Singh says they are concerned about consumer over indulging themselves on Black Friday.
“Consumers tend to not be cautious. They throw caution to the wind, overspend and find themselves in a bit of a financial mess during the New Year.”
Singh says while consumers are aware of what they need as opposed to what they want, they are still vulnerable to advertised sales.
“When you are in the middle of this sale and with the frenzy, your discipline goes out the door.”
Singh says Black Friday sales are structured in a way to attract consumers to buy.
Listen to the interview with Rishana Singh