Consumers should stick to their budgets this festive season, spend wisely and not take on unnecessary debt, according to PPS financial planning executive Nico Coetzee.
Coetzee said that with South Africans facing an even tougher economic situation, it was critical that everyone made a concerted effort to avoid falling even further into debt by sticking to their financial plan.
According to the latest statistics from the National Credit Regulator (NCR), collective consumer debt was currently more than R1.69 trillion.
“It is no surprise that most South Africans tend to overspend during the festive season, failing to remember that there is still a full month of expenses in January. During this time, people are more relaxed and are trying to have fun, so they naturally neglect to plan properly and end up spending money carelessly.”