Credit regulator’s tips on wise spending

The National Credit Regulator (NCR) advises the public to do things differently this year by enjoying the festive season while spending wisely.

Mpho Ramapala, the regulator’s manager for Education and Communication said in previous years, many people fell into debt by succumbing to the urge of spending money they didn’t have. Ramapala urged consumers to be money wise this time by spending differently at a time aptly called the silly season because of the spending frenzy that appears to afflict people. “History has shown us that bonuses present a great temptation to continue buying things that they didn’t plan for. We strongly encourage people to stop, do a budget and plan their spending very carefully, especially over this period with a note that January is just around the corner with its expenses,” Ramapala said.

She shared the following as tips:

•  Do a budget and include all debt, rent, electricity, water, insurance, transport, gifts, entertainment and others.
• Shop around for a pre-agreement statement and quotation when applying for credit.
• Read and understand the pre-agreement statement and quotation. If offered credit life insurance, seek clarity on what it actually covers.
• Seek loans only with NCR-registered credit providers who can be identified by a window decal (an orange sticker with the NCR logo) and a registration certificate with a number.
• Do not leave your identity documents, bank cards and pin numbers and social security cards with credit providers when applying for credit. Report providers who ask you to do so to the police.

Details: National Credit Regulator 011 554 2722.

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