The urge to panic buy has been strong for South Africans getting ready for lockdown.

So strong that consumer advice groups have stepped in with a warning.

According to Fin24, the National Credit Regulator (NCR), a body responsible for the regulation of the South African credit industry, is concerned that people are spending more than they have as waves of anxiety cause shoppers to stock up on too much too quickly.

We get the impulse, but this is not the time for hauling everything off the shelves, on a human level, aside from the fact that relying on credit could have consequences down the line.

 “For some consumers to acquire these items, they resort to using credit and this could be detrimental to their overall financial health.”

Nomsa Motshegare, the NCR’s chief executive officer, says shoppers must always remember that whatever they buy on credit has to be repaid.

She urged consumers to proactively contact their credit providers or approach debt counsellor for help.

President Ramaphosa made it clear that there will be no shortage of goods like food and other essentials over the next 21 days, so there’s really no need to panic.

If you want to shop, think carefully about what you’re buying and why. For one thing, and if you can afford to do so, it’s important that we all do what we can to support local businesses over the next few weeks. If you see something that you like online, reach out to merchants to find out how they’re handling things during the lockdown.

For example, I chatted to local business Blu Betty using the chat function on their website about operations over the next few weeks. While they’re not delivering until things go back to normal, all orders placed during the lockdown will receive free shipping.

They assured me that they would do their best to process orders and ship their gorgeous shoes and bags as quickly as possible once the lockdown ends.

The sweeten the deal, Blu Betty offers PayJustNow as a payment option.

For those who don’t know, PayJustNow is a ‘buy now pay later’ service that lets you pay off your order in three easy instalments, over three months making it a great way to avoid that debt trap we were talking about earlier.

Following a simple registration on the PayJustNow website, you fill up your cart online, select the PayJustNow payment option at checkout and you’re on your way.

A new pair of expertly crafted genuine leather shoes to take for a walk once you’re allowed out of your house again is a decent way to celebrate the end of isolation.

If you browse PayJustNow’s full list of local merchants, you may find other goodies that you like, and iconic local brands like Veldskoen and Freedom of Movement and Hello Gorgeous.

Whilst we aren’t sure how each business is going to be operating during the next few weeks, we do know that many need our support.

There have been many suggestions about buying vouchers from outlets, which can then be redeemed further down the line, and that makes great sense.

So too does placing an order for something now, and then splitting the cost up over three months with zero interest, to lighten the load on your own pocket.

Whatever you’re doing, and however you’re paying for it, now really is the time to look out for local businesses that need our support.

Small business owners can also find Marnus Broodryk’s free COVID-19 business survival guide here, which contains some great advice on how to weather this storm.

[source:fin24]