Economists have predicted a jobs bloodbath of over seven million in the country which will push many into debt, degrading their credit profiles.
Small and medium-sized businesses would also struggle to get back on their feet, while banks would find it hard to grant loans due to junk status.
According to a survey conducted by a debt counselling company, many households are facing financial hardship as a result of the Covid-19 and lockdown of the economy.
Many consumers who are struggling to make ends meet are often reluctant to seek help, either because they didn’t know where to turn to or because they were embarrassed.