“It’s perfectly understandable if people are forced to take on debt temporarily to cover the necessities of life. We are in an exceptional situation and at present, nobody can reliably predict how it will develop,”says Andreas Kropp, member of the EOS Group's Board of Directors with responsibility for the German market. For 12 percent of those polled, this has meant that they have slipped into excessive debt since the start of the pandemic and can no longer pay back these debts. Here too, sole parents have been hit hardest, with just under one in four (23 percent) unable to pay back their debts amid the crisis. Looking to the future, 19 percent of German consumers are afraid that they are going to have to take on debt in the next few months.
A look at the international comparison in the report quickly reveals that as far as debt is concerned, consumers from other countries are affected to an even worse extent. 15 percent of respondents in Spain, 19 percent in Croatia, 28 percent in Romania and as many as 32 percent in Bulgaria said that they have incurred debt due to the pandemic.