A decline in income and growth of expenses has led to an increase in borrowing and tendency to acquire debt in the past 12 months, results of a survey by Digido Finance Corp. revealed.
According to the study, 55 percent of respondents reported increased spending in the last 12 months, while only 5 percent saw a decrease.
Meanwhile, the study noted that 13 percent of respondents said they have used loans or plan to continue using loans in approximately the same amount and 10 percent did indeed start applying for more loans. On the other hand, 12 percent of respondents claimed to avoid official loan sources entirely while 11 percent no longer considered taking on credit as frequently. Another 9 percent began to actually cut their number of loan applications. About 41 percent of respondents said their average income decreased in the last 12 months, with 29 percent of them saying “it decreased significantly” while 9 percent saying “it decreased slightly.
According to Digido, “what is notable about that is that the majority of respondents claiming both of these factors also reported an increase in their income. In regards to its reduction, the reasons turned out to be predominantly more cardinal: a change in employment status, position and place of work.”
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