Ho-ho-ho! Let's reduce spending

WITH the holiday season approaching, it is critical to address the tendency for consumers to overspend at this time.

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The recent Black Friday shopping spree kicked off the spending trend. ‘To participate, many people, unfortunately, take out loans and spend excessively on nonessential items.

The National Financial Ombud strongly advises consumers to exercise caution before accumulating debt that could lead to a “financial hangover”. While seasonal discounts are appealing, the long-term repercussions of overspending on credit, including high-interest debt and diminished savings, can impede financial objectives and cause post-holiday difficulties.