Money Smart Week | Experts warn against reckless use of credit

With households facing rising living costs, financial experts say jumping into credit without a clear strategy is a recipe for long-term distress.

Speakers during the Money Smart Week South Africa webinar highlighted that many consumers get trapped in toxic debt simply because they do not understand the terms of their agreements, such as compound interest rates and hidden administration fees.

The Money Smart Week is a collaborative initiative of the National Consumer Financial Education Committee (NCFEC), that brings together organisations and individuals to promote financial literacy and consumer awareness.

SABC News economics reporter Nothando Magudulela reports.

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