Remote working, millennials drive change in SA credit payment behaviour
Loading player...
Remote working and millennials’ general inclination towards online shopping have been the major driving forces behind the change in South Africans’ credit payment priorities. The Director of Research and consulting for TransUnion, Carmen Williams took the Business Hour through the findings of the latest consumer credit reporting agency’s latest global payment hierarchy study, which reveals that the coronavirus pandemic has altered the credit payment priorities of South Africans.
It appears that for years South Africans prioritised their car payments over their home loan payments, due to the unreliability of the country’s transport system and the need for citizens to have a car just to get by, especially in large cities. Williams says remote working during the coronavirus pandemic has led to a change in that dynamic, with citizens now paying off their home loans as opposed to their car repayments.
It appears that for years South Africans prioritised their car payments over their home loan payments, due to the unreliability of the country’s transport system and the need for citizens to have a car just to get by, especially in large cities. Williams says remote working during the coronavirus pandemic has led to a change in that dynamic, with citizens now paying off their home loans as opposed to their car repayments.
