Payment morale by indebted Czechs has gradually improved over the past five years. The positive trend was disrupted by the coronavirus crisis, which brought a deterioration in the economic situation of households and the associated ability to repay liabilities. About 5% of debtors cited „COVID“ in March as the reason for not being able to pay their debts. The kept rate has also decreased for about 24%. According to experts from the debt collection sector, the real impact of Coronavirus will be felt on the market in 6 months.
In 2019, the payment morale reached the peak of the last five years. „The epidemic has brought deterioration. In March, about 5% of debtors cited the COVID argument as a reason for not being able to pay their liabilities (debts). The kept rate decreased by 24% compare to February, at the same time the debtor´s promise rate compare to February has decresed for 6%,“ says Vladimír Vachel, Managing Director of debt collection company EOS KSI Czech Republic and adds: „I think that behind this situation was mainly prevailing uncertainty about future developments. In April,have the indicators slightly improved, but still did not reach the February values. We expact a real impact on our work in about 6 months, when the possiblity of postponing installments ends, the unemployment turns out, the state support ends and more.“
According the experts from the debt collection sector, the last recession in 2008 has showed us phenomena which can be on again. Among them for example with consumer distrust, rising unemployment and problems with secondary insolvency. „We recommend to have a higher price cussion to cover possible loss in payments from customers. Where it is possible, it is appropriate to ask for deposit, partial continuous payments and other suitable security,“advises Vachel.
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