Consumers urged not to overspend during festive season
The National Financial Ombud Scheme South Africa has urged consumers to be extra vigilant about their financial choices during this festive season.
The financial watchdog recovered more than R161 million this year on behalf of aggrieved consumers of life insurance and other financial products.
The NFO is an independent body that resolves complaints brought by consumers against South African financial institutions.
Spokesperson Johan Brower says consumers need to make informed financial decisions to resist the urge to overspend or rely on credit for holiday purchases.
READ: More lifeguards for KZN beaches during festive season
"Consumers are under a lot of pressure to spend more money than they usually spend. So, as an office, we are saying please make wise choices so that you don't go into the new year overly indebted.
“Also, sometimes you are looking for deals, and you fall victim to people who are preying on vulnerable consumers who are looking to find some deals, and then they end up falling victim to fraud. Ensure that you are dealing with legitimate merchants."
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