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<\/a><\/p>\nConcern among impacted consumers about their ability to pay their bills and loans remains high at 84%, with almost 1 in 3 impacted consumers (31%) expecting to run into a shortfall within one month (+2 pp).<\/p>\n
On average, R7,069<\/strong> is the amount consumers expect they will be short when paying bills or loans.<\/p>\n Credit products remain the bills and loans consumers most often indicate they will not be able to pay, with personal loans (37%), retail\/clothing store account (32%) and credit card bills (32%) ranked in the top three, TransUnion said.<\/p>\n Consumers have been making changes to their household budget since the beginning of the pandemic to better cope with decreases in their household income. In December, 59% of impacted consumers indicated they have cut back on discretionary spending, 43% have cancelled subscriptions or memberships, and 33% have cancelled or reduced digital services.<\/p>\n To manage household finances, consumers are increasingly cutting back on saving for retirement (+4 pp to 26%, the highest level reported to date). Two-thirds of households (66%) expect to spend less on dining out, travel and entertainment purchases in\u00a0 the next three months, TransUnion said.<\/p>\n What bills and loans are you concerned about your ability to pay?<\/strong><\/p>\n<\/a><\/p>\n