Debt experts warn Black Friday could deepen consumer financial strain

DEBT experts are cautioning that this year's Black Friday shopping period could push already distressed South African consumers further into debt, as economic pressures continue to weigh heavily on households.

- YOGASHEN PILLAY

DEBT experts worry that upcoming Black Friday could result in an increase in debt amongst already struggling consumers. I SUPPLIED

Neil Roets, CEO of Debt Rescue, on Monday said the firm is "undeniably concerned" about the risk of consumers overextending themselves during the annual retail event.

"While Black Friday used to be associated with excitement, luxury purchases, and once-off bargains, our latest survey shows a very different reality emerging for South Africans," Roets said.

"This event has shifted from a feelgood shopping moment into a period that can easily trigger financial pressure and unnecessary debt for already strained households."

According to the survey, half of respondents believe Black Friday encourages people to take on debt they cannot afford, while one in four say the intense advertising and promotional hype creates stress and pressure to spend.