NCR warns against reckless borrowing
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The National Credit Regulator (NCR) has again cautioned consumers who find themselves in the January cash crunch to borrow wisely.
The NCR's Lebogang Selibi says this time of the year many people find themselves needing money for expenses such as school uniforms, registration fees, stationery and transport. She says as desperation sets in, consumers may take out loans recklessly.
Selibi says consumers should only borrow from registered credit providers; borrow only when absolutely necessary; plan in advance how to repay the loans; and most importantly determine whether the repayments are affordable.
She says when borrowing, consumers should also ask for a pre-agreement statement from credit providers.
Selibi further warns that consumers should never sign blank credit agreements.
The NCR's Lebogang Selibi says this time of the year many people find themselves needing money for expenses such as school uniforms, registration fees, stationery and transport. She says as desperation sets in, consumers may take out loans recklessly.
Selibi says consumers should only borrow from registered credit providers; borrow only when absolutely necessary; plan in advance how to repay the loans; and most importantly determine whether the repayments are affordable.
She says when borrowing, consumers should also ask for a pre-agreement statement from credit providers.
Selibi further warns that consumers should never sign blank credit agreements.
