Debt trap or peace of mind?

BLACK FRIDAY, FESTIVE SEASON: WAYS TO AVOID OVERSPENDING AND CONTROL DAMAGE IF YOU HAVE

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Many consumers already made a list, whether it is on a piece of paper or in their minds of what they want to buy at the Black Friday sales - but not all of them also added a column showing where the money will come from.

As Black Friday and the festive season approach, South Africans are preparing celebration, generosity and more spending.

While the excitement of deals and holidays is contagious, many consumers get caught in the trap of accumulating debt that lingers well into the new year, Patricia Temba, executive head of FNB Retail Collections, said.

“When the excitement wears off, you might ask how you spent so much money, followed by guilt, self-blame and isolation brought on by the shame of more debt.”

Temba emphasised that while these feelings are normal, they should be used as a springboard for action. “It is important to move to a space of self-empathy and more important, take corrective measures to regain control of your finances as fast as possible.”