MORE Filipino households are expected to experience difficulties in paying their bills and loans in full, based on the results of the fourth quarter 2024 consumer pulse study by Transunion Information Solutions Inc..
Based on the data, some 42 percent of respondents expect difficulty in fully paying their bills and loans that, according to Transunion, indicates a cautious financial outlook among households. The data also see that bills and loan payments are expected to increase alongside a rise in incomes, which indicates “further financial strain” for households in the coming months, according to the credit-reporting business.
Weihan Sun, the firm’s principal of research and consulting for Asia Pacific, said that given “sustained financial pressure,” consumers are likely to adjust their spending and saving behavior. Meanwhile, over three in every five Filipinos or 64 percent said access to credit is highly important to achieving their financial goals. This was higher than the 58 percent recorded last year.
Alongside holding more favorable perceptions about credit, the data showed Filipinos are monitoring their credit reports more frequently as well.
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