More Bajans defaulting on loans – Clarke
A growing number of Barbadians are defaulting on their loans, according to credit consultant Grady Clarke.
The Director of Credit Info did not provide statistics, but speaking to Barbados TODAY on the outskirts of a credit seminar at the Savannah Hotel, Clarke said that due to the economic conditions, lending institutions were finding it increasing difficult to recover outstanding monies
”If you have an economy that is hurting, those that not getting paychecks are likely to be negatively affected,” he explained, adding that it was harder for redundant workers to service their commitments.
Clarke encouraged local businesses to be “more diligent and know your customers better” and to avoid the temptation to paint everyone with the same brush, since “some customers have legitimate reasons” for defaulting.
He also advised companies to help manage their risks by ensuring they had information on how people serviced their credit.
The credit consultant also suggested debt consolidation and extending the terms for persons experiencing difficulties.