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5 tips to avoid starting the New Year in a debt trap

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Johannesburg – There are five things to consider in avoiding the real possibility of returning from the holidays with empty pockets, says Sharon Coppola, senior executive: risk and compliance at Experian SA.
 
“While December is certainly exciting, there is also good reason to approach this season with a measure of caution, given that the economy’s performance has not been as robust as before,” explains Coppola.  
 
Shopping and spending habits have, to some extent, been more moderate amongst consumers as retail activity slowed in the third quarter. More consumers were cautious about taking on credit for big-ticket items.
 
“While we are certainly living in tough times, there are ways that consumers are able to still enjoy the holidays and festivities with family and friends while curbing excessive consumption through a course of careful planning and disciplined spending," says Coppola.

Coppola provides five ways to avoid starting the New Year in a debt-trap:
 
Holidays are not an excuse to go on a spending spree

Early salary pay-outs should be approached with extreme caution. Often enough many consumers forget that this needs to stretch up to 40 or more days until the end of January 2017.

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