Recent Survey Reveals People Are +-R7000 Short On Their Obligations
A recent survey, by a leading credit bureau, has revealed that the vast majority of consumers (over 80%) have been heavily impacted by the Pandemic over the end of the year.
Of the large sample of South Africans interviewed, the results show that 18% had lost their employment while 37% had had their work hours reduced, meaning less take home pay. Those hardest hit are those in the retail and manufacturing sectors.
‘18% had lost their employment while 37% had had their work hours reduced’
Overall 82% said they had been negatively impacted (including those above you lost their job or had work hours cut) and on average this had resulted in these consumers now running (on average) around R7000 short of their monthly obligations.
When asked how they plan to survive these job losses, reduced hours and the massive shortfall in funds, 35% said they will use money from savings; 25% said they will turn to family and try to borrow what is needed, while the rest will try to make use of credit if they have access.
If you have recently been impacted by the Pandemic or lockdown and economic crisis then you should be aware that (1) you are not alone. Almost everyone has been impacted. This is why your clients are not spending or using your services as much. They cannot afford it themselves.
And (2) you should be proactive in making plans to deal with your situation before you get too deep into debt or run out of wiggle room by maxing out your available credit. One option you have is to talk to an NCR registered professional Debt Counsellor for some free advice.