Consumer Survey Reveals Lockdown Concerns
Survey Shows Consumer’s Concerns During National Lockdown
A recent consumer survey by Debt Counselling brand Debt Safe has shown that the lockdown has most consumers stressed about finances. No surprises there but you may be interested to see what consumers are deciding to prioritise with their available cash.
When asked about their top 5 priorities consumers surveyed said that the top 3 were (1) Food, (2) Electricity and (3) Rent. Next, consumers said they were prioritising between data (incl internet access) and Medical Aid. Slightly more people said that data is more important than keeping up their medical aid payments. Interesting prioritising during a worldwide pandemic. But medical aid doesn’t show you funny tiktok videos.
Who is Not Getting Paid?
The survey also delved into which bills are being paid and which are being ignored for now. Around 20% of Consumers had dropped the following payments during the lockdown: Investments, retail accounts, school aftercare fees, credit card/overdraft payments.
‘only 27% said their debt repayments are now up to date’
Among those surveyed, only 27% said their debt repayments are now up to date. Normally this figure would be around 50% of credit users. Admittedly this is a small sample group but it is indicative of how the majority of credit users have not been able to make payments on their existing credit.
If you are having to make the same hard choices in regard to who to pay with your limited income presently then you should consider talking to a Debt Counsellor about how the law can help you to deal with your debt in a dignified and fair way.