SA Savings Institute warns against ‘misleading’ Black Friday deals
The South African Savings Institute has warned consumers not to be tricked by misleading advertising techniques used to entice spending on Black Friday offers.
The institute has called on people to only buy what they have saved for, and not be deceived by other products during shopping spree.
Chief executive Gerald Mwandiambia warns consumers not to max out credit cards or take out loans for Black Friday deals.
“The repo rate went up by 75 basis points on Thursday and that is a stark reminder that debt is not your friend.
“All your repayments are going up because of this repo rate increase, so anything you buy over Black Friday is going to be more expensive than you usually pay.
“Unless it’s an asset or an item, which will generate income and pay for itself. Keep your credit card away.
Mwandiambia also warns against scams, especially on alternative energy supply products.
“The criminals are aware that South Africa is facing load shedding so there are a lot of specials around solar energy or energy alternatives which are fake. Be very careful because these are expensive ways to lose money.”
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