BUSINESS NEWS - It’s almost time for Christmas festivities to begin. And, given that we as South Africans, and the rest of the world, continue to face financially draining challenges, it stands to reason that many of us would want to let off some steam and enjoy the silly season without having to worry about money.
Is it, however, worthwhile to incur additional, Christmas-related ‘bad’ debt (expensive gifts, more decorations, extra travel, or food expenses not properly budgeted for) during the season?
And, can you truly shy away from what it will cost you on top of all you have had to deal with recently?
Remember: everything extra that you buy on credit adds up in the end, and it’s a ‘gift’ that will continue to rob you of your financial freedom.
The only ‘giving’ aspect of adding ‘bad’ debt to your list of usual financial obligations is to end up over-indebted.
From DebtSafe’s 2022 research results, it is evident that retail credit is the type of debt consumers are primarily behind or in arrears with. Therefore, I implore you and the rest of the South African community to not allow the Grinch, also known as ‘bad’ debt, to spoil your future financial endeavours.
