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The National Credit Regulator is calling on South Africans to be cautious with their spending as the Festive Season spending 'spree' looms.
Education and Communication's manager, Poppy Kweyama, says with the cost of living at an all-time high, this year has been exceptionally difficult for most consumers.
"The economic circumstances of most South African households are already quite strained as inflation bites into pockets and the repo rate hikes keep making expenses heftier.
"Fuel prices and medical inflation are on the rise, adding additional financial pressure on already- financially stressed households," she said in a statement on Wednesday.
Kweyama says although the economic situation for many is already quite bleak, consumers are still looking forward to Black Friday and Cyber Monday sales and discounts.
She said the NCR and the Office of the Credit Ombud are urging consumers to "avoid being influenced by the hype, saying not everything on sale is a bargain.
Kweyama said the unnecessary use of credit is not only expensive but can lead to over-indebtedness.
"You are not actually saving on a deal when you buy on credit, if you consider the interest and fees on the credit, you actually end up paying more.
"Don't let Black Friday and Cyber Monday lead to a blacklisting," warns Kweyama.
