Over 130 000 new retail accounts opened for Black Friday in 2018
Black Friday is around the corner and many shopaholics are fixing their budgets.
In 2018, more than 4.7 million card transactions were processed with a bill of R2.4 billion worth of debit and credit card transactions.
TransUnion has looked at the transactions during Black Friday and found that people were more much likely to take out loans and increase their spending limits during the Black Friday period.
Speaking to Refilwe Moloto, TransUnion Africa CEO Lee Naik says people take on credit and in a few months struggle to pay it.
In the Black Friday week in 2018, as much as 130 000 new retail accounts were opened.Lee Naik, CEO - TransUnion Africa
We have seen a 40% account increase in this period as well as a massive increase in credit limit.Lee Naik, CEO - TransUnion Africa
Almost half of the new retailed accounts opened on Black Friday week, in six months were already in arrears.Lee Naik, CEO - TransUnion Africa
Naik says South Africa has 25 million active credit consumers.
Of the 25 million people only 400,000 people access their credit report.Lee Naik, CEO - TransUnion Africa
When you have the information on your credit report, you ask yourself how much do I take on further in Black Friday week.Lee Naik, CEO - TransUnion Africa
Every consumer needs to be aware of their situation before they take on that new debt. Even if a deal is amazing can you take it on given what you can afford?Lee Naik, CEO - TransUnion Africa
Listen to the full interview below...
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