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The latest survey shows that people + -R7000 cannot meet their obligations
A recent survey by a leading credit bureau found that the vast majority of consumers (over 80%) were badly affected by the pandemic by the end of the year.
Of the large sample of South Africans surveyed, the results show that 18% had lost their jobs while 37% had reduced their working hours, meaning they had to take less home with them. Those in retail and manufacturing are hardest hit.
“18% had lost their jobs while 37% had reduced their working hours.”
Overall, 82% said they were negatively impacted (including those who lost their jobs or cut their hours above you) and this, on average, had resulted in these consumers running around now (on average) R7000 short their monthly commitments.
When asked how they intend to survive these job losses, the reduction in working hours and the massive lack of funds, 35% said they will use money from savings; 25% said they will reach out to the family and try to borrow what is needed while the rest will try to take advantage of credit if You have access.
If you have recently been hit by the pandemic or lockdown and economic crisis, this is something you should be aware of (1) you are not alone. Almost everyone is affected. Because of this, your customers don’t spend or use your services as much. You can’t afford it.
And (2) You should be proactive When you make plans to deal with your situation before you get too deeply in debt or run out of wiggle room by making the most of your available funds. One option is to speak to a professional debt counselor registered with NCR for a free consultation.
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