Although Black Friday is over, there are still many things for consumers to spend money on before the end of the year. These costs often lead to Januworry. The festive season can be testing for even financially disciplined consumers and by the time South Africans return to work, many will have spent more than they can afford, René Moonsamy, chairperson of the National Debt Counselling Association, says.
“It is a cycle that repeats itself year after year, with debt counselling enquiries spiking every January and February.” Moonsamy says these factors contribute to Januworry: “Typically, what we see happening in mid-January and into February is consumers finding themselves in a pinch and borrowing to make ends meet until the next payday. The problem is that many households are already struggling to keep their heads above water and the repayments on these loans add long-term pressure. One unexpected expense or emergency can then result in serious financial difficulties,” Moonsamy says. The National Debt Counselling Association recommends that consumers try to avoid this situation by:
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