has called on consumers to avoid entering into lay-by contracts and instead save up to buy items in cash. It warns that consumers can end up in incidental credit agreements if they fail to meet their lay-by obligations with various credit providers. This means they are likely to incur interest on the items that they originally intended to buy without utilising credit.
And your lay-by could be converted into an incidental credit agreement, where you could pay interest on your lay-by. The National Credit Act allows credit providers to charge up to 29.25% per year for unsecured loans. “Anything that you cannot get inside the shop and get out with is got the potential to be problematic in the future. That means you do not have enough to buy whatever you are buying so just wait why do you want somebody else to keep things for you then,” says Bongani Gwexe of the National Credit Regulator.
With many consumers struggling to have access to credit due to the stringent lending criteria that creditors have to abide by, lay-by could be a less costly option. But consumers are urged to read the terms and conditions of their contracts to avoid any disappointments with lay-by contracts.
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