It is Consumer Awareness Month and time to ensure your know your rights and responsibilities as a consumer, especially regarding credit agreements, in a time when all consumers, no matter what they earn, are struggling to make ends meet and turn to credit to afford daily essentials.
Olivier says never put pen to paper if you do not fully understand the information o it or are uncertain about the content, fine print and terms and conditions. A pre-quote can help you to negotiate better interest rates or compare quotes and ‘shop around’ for better deals. South African consumers are all too thankful to be granted the first offer they can get when they could have perhaps received a better price from another registered provider, he says.“Credit providers should treat client information confidentially and should only use your information for the purpose for which you gave it.
If you have calculated your Debt-To-Income Ratio and it reflects a red flag of over-indebtedness, consider debt counselling as a potential debt relief measure and solution. Ensure a complete and truthful financial disclosure when applying for new credit and be honest with yourself. Do some extra homework to ensure you can afford another financial obligation.