Consumers who were impacted said that they expect they will not be able to pay their bills or loans in about two months time<\/strong> (7.7 weeks).<\/p>\n <\/p>\n Cutting back\u00a0<\/strong><\/p>\n The data also shows that consumers continue to tighten their purse strings. When asked what has changed as a result of the crisis, 60% of impacted consumers indicated that they are spending less on both entertainment and eating out, otherwise known as discretionary spending.<\/p>\n More impacted consumers have cancelled or reduced digital services including wireless, satellite services and internet.\u00a0 A quarter (24%) of those affected financially have cut back on retirement savings.<\/p>\n “It appears that to preserve cash flow, consumers are minimising payments against existing debt and bills,” TransUnion said.<\/p>\n 35% of affected consumers say they are making only partial payments on their debts and bills.<\/p>\n “Consumers continue to borrow against their savings to close financial shortfalls, with 38% reporting this option as part of their game plan, up a significant eight percentage points compared to the prior wave of our survey.”<\/p>\n TransUnion said that substantially more consumers financially impacted by the pandemic plan to borrow money from family or friends (26%) despite 60% reporting that they have reached out to companies they have accounts with to discuss payment options.<\/p>\n Nearly a quarter (21%) of consumers surveyed reported that they had payment holiday arrangements with their lenders and service providers.<\/p>\n![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2020\/06\/Cut-back-3.png\")
<\/a><\/p>\n<\/a><\/p>\n