Since dollarisation, Zimbabwe has been largely a cash economy. However with investors slowly gaining confidence, they have since opened the floodgates of credit facilities resulting in cash constrained customers falling prey. Most people at the moment are leaving under a serious debt trap. Both furniture and clothing retailers have been giving credit generously in the past year. Banks were also not left out but rather they aggressively pursued a lending policy to leverage their incomes as well. This situation would not have caused a scare to the nerves of the retail business if borrowing activities of citizens were being monitored by a credit bureau. However, the absence of a credit bureau have seen customers committing beyond their ability and retailers and bankers assuming risk that generally falls outside the parameters of their normal risk appetite. Just a piece of advice- before you make your next debt committement would you please take your time to consider your current debt levels. What percentage of your monthly income constitutes installments to retailers or bankers? If you don't monitor the situation, you may land in financial crisis sooner than later.
Fact!This truth cannot be emphasized further.Its a reality most salaried and informal workers are facing each month. Augmenting a salary one considers insufficient to daily monthly needs by borrowing is just the root of deeper financial crises being witnessed in individuals and families.
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