Consumers have been urged to steer clear of items they cannot afford and to remain within their budgets this Black Friday. The National Credit Regulator (NCR) says in this difficult economic climate consumers should not participate in Black Friday if they haven’t planned properly or budgeted. It has advised them to instead save the money for emergencies.
Consumers have also been advised not to use credit as this does not amount to saving and is likely to create further financial strain. The caution comes as scores of households are struggling to keep up financially as the economy is in bad shape. The situation has been exacerbated by the Covid-19 pandemic lockdowns which forced a number of businesses to permanently shut down and leaving more people jobless.
Header image: Metro Parent