Available at GCIS provincial offices, GCIS district offices & Thusong centres in your area!

How to avoid the Black Friday spending frenzy

With just two days before Black Friday, the office of the Credit Ombud is asking consumers to spend wisely.

“During ‘Black Friday season’ we are already in the festive mood and are likely to increase our spending,” the Credit Ombud said in a statement.

The Credit Ombud says consumers must be disciplined in their spending to avoid starting the year on a bad note.

 “We should not forget other obligations, such as back to school expenses, and other expenses that normally come with the new year. We should be proactive and not find ourselves being in the usual corner of ‘Janu Avenue and Worry Street’.”

The office of the Credit Ombud advises that consumers should rather plan spending and make provision for the expected and often times, unexpected increase in expenses for the new year, as this will assist in avoiding default and the negative consequences of being ‘blacklisted’ at the credit bureau.

“While looking out for good deals we should also be on the lookout for deals which might lead us to long-term credit depression. Using credit on Black Friday spending, should be the last resort, rather have a budget and be disciplined.”

The Credit Ombud advises consumers to be:

  • Money-savvy in the run-up to Black Friday
  • Check credit profiles
  • Understand their spending limitations
  • Be prepared to walk away from a deal that is unnecessary.

“Should you have failed to make a budget and have no other alternative or see the need to purchase using credit, keep your monthly obligation according to your credit agreement and pay your monthly installment. If you are able to pay a bit more, this will help to pay off the debt faster.”

Did you know?

The Credit Ombud provides free assistance to consumers if they experience any issues relating to credit agreements with non-bank credit providers such as:

  • Clothing and furniture retailers
  • Micro-lenders
  • Fraudulent listings
  • Emolument attachment orders (“garnishee orders”)
  • General complaints about credit bureaux listings.

The office can be contacted on 0861 66 28 37; on the website www.creditombud.org.za; email ombud@creditombud.org.za or send a sms to 44786 and they will call you back.