Bajans slower to pay bills these days, suggests credit bureau spokesman

With economic conditions in the country said to be worsening, Barbadians are not keeping up with their loans and other repayments like they used to, says a top official of the Caribbean Credit Bureau Limited (CCB).

CCB Chief Executive Officer Grady Clarke, who had earlier this year reported that Barbadians were not defaulting on their loans to any large degree, suggested today that the situation had changed somewhat, with the recessionary effect now showing up in personal credit ratings.

Addressing a news conference, Clarke acknowledged that Barbadians had generally had very good credit ratings over the years and had been “very responsible” in paying their bills.

However, without having the statistics to hand, Clarke said a cursory glance at the situation now showed that credit ratings were generally affected by the domestic economic crunch.

“We have had a very good credit score and we have been very responsible as a country, at least in the past. [But] in terms of the more recent statistics, when the economy is hurting then if you are seeing worsening credit ratings, that is to be expected,” he said.

“Where people’s pockets are being affected it is only reasonable to expect them to be a little slower in paying their bills and that will impact on their credit rating unfortunately,” he added.

Earlier this year Clarke had said that despite the economy not being the most robust in the region, “our delinquency and our credit is fairly well managed here”. He had also suggested then that the delinquency rates in Barbados compared favourably with those of other regional countries.

However, since then the Barbados economy, which grew by an estimated 2.2 per cent during the first half of this year, has been showing signs of a slow down with acting Central Bank Governor Cleviston Haynes suggesting last month that growth would be “in the region of 1.3 per cent to 1.8 per cent, compared to earlier estimates of 1.5 to 2 per cent”.

During a national consultation back in August, Haynes explained that the economy remained very challenged with the international reserves plummeting to $635.5 million or just 9.7 weeks of import at the end of June.

This is even further below the 12-weeks benchmark, from the $705.4 million or about 10.7 weeks of import as at the end of March with Haynes warning that it could put further strain on the island’s ability to maintain its 2-to-1 peg to the US dollar.

21 Responses to Bajans slower to pay bills these days, suggests credit bureau spokesman

  1. Sheldine Dyall
    Sheldine Dyall September 15, 2017 at 5:03 am

    We have no money

    Reply
  2. Clifford Small
    Clifford Small September 15, 2017 at 5:15 am

    We are broke idiot

    Reply
  3. Kathleen Cadogan
    Kathleen Cadogan September 15, 2017 at 6:29 am

    Why do you think that is so, no jobs and things are overly expensive

    Reply
  4. Steve L. Jemmott
    Steve L. Jemmott September 15, 2017 at 7:17 am

    They are broke as well, that’s why they are “Brokers” with no one to report they can’t make money.

    Reply
  5. Gittens Hallam
    Gittens Hallam September 15, 2017 at 7:45 am

    So sir sense u know this your credit rating company should not by any means raise PPL of Barbados personal credit rating to 6 or 7 cause u know why bills and loans are not being paid on time

    Reply
  6. Michael Crichlow
    Michael Crichlow September 15, 2017 at 7:55 am

    Sir! this is not only a Barbados problem,read the global news. It’s to new normal for people and bankruptcy is sky high

    Reply
  7. Seth St John
    Seth St John September 15, 2017 at 7:59 am

    Look beyond your tailored suit, your custom fitted leather shoes, your mercedes dashboard, your infinity pool or your communitys gate, and you will see a lot of people struggling to decide if to pay a bill or eat a meal some weeks… our reality and your reality are 2 different things.

    Reply
  8. Matie Siew
    Matie Siew September 15, 2017 at 8:41 am

    Barbadians are broke and more taxes added all the time so how on earth they could pay bills when they living from pay check to pay check tell me … And when u doh pay they don’t want to hear u don’t have money …. setupseee

    Reply
  9. Santini More
    Santini More September 15, 2017 at 8:52 am

    Well I wonder why that would be? Chris, Freundel, any suggestions?

    Reply
  10. Crystalene Alexander
    Crystalene Alexander September 15, 2017 at 9:28 am

    Im sure some people if not all would love to pay their bills…no one wants to be the debt collectors’s hand and have their credit ruined and their face made shame….some days people have to decide if to pay bills or buy a lil something to eat…who feels it knows it…smh….simply put….people have no money to spare.

    Reply
  11. Carl Babb
    Carl Babb September 15, 2017 at 9:30 am

    Proverty is taking over this country that is y under hand things will go on every body trying ta eat a small food n stay alive ta feed family n kids some plp will do what ever it takes to survive even if death comes along with it

    Reply
  12. Jason Patel
    Jason Patel September 15, 2017 at 9:33 am

    If people pay me then I would pay others on time

    Reply
  13. Lilian Lloyd
    Lilian Lloyd September 15, 2017 at 9:49 am

    MICHAEL CRICHLOW WE LIVE IN BARBADOS NOT OTHER PLACES STOP BEING AN OSTRICH!!!!

    Reply
  14. Veroniva Boyce
    Veroniva Boyce September 15, 2017 at 10:45 am

    Should be even slow when it comes to the water bill.

    Reply
  15. Diane Quinn
    Diane Quinn September 15, 2017 at 10:50 am

    Grady need to shut up and pay who he owe Demon

    Reply
  16. Alex Alleyne September 15, 2017 at 11:02 am

    LACK OF FUNDS, it’s that simple.

    Reply
  17. Adam Tyler Mallett
    Adam Tyler Mallett September 15, 2017 at 11:03 am

    Had we gotten restorative justice for slavery , barbadians would be able to sustain themselves without the imf.

    Reply
  18. Danny Colombian Clarke
    Danny Colombian Clarke September 15, 2017 at 11:21 am

    Meanwhile in sunny Barbados , Stuart said he and his counterparts deserve back their full pay cause “things hard ” . One of these day I hope to get a drive in a Range . I won’t ever be able to buy one but just a lil 5 minutes drive up my gap n back please,

    Reply
  19. Alex Alleyne September 15, 2017 at 3:34 pm

    Sir , “ARE YOU STILL ISSUING LOANS” ??????.

    Reply
  20. Belfast September 15, 2017 at 4:39 pm

    According to may callers to Brass Tacks, there is no suffering and hardships in Barbados. This is merely propaganda against the ruling party.
    Seeing mothers with children begging for help must be a mirage.

    Reply
  21. Johnathan September 16, 2017 at 5:52 am

    Tell he the Trinidadian woman from Crane Park north who has been owed rent of $14 000 for the past 15 years could also do with hers. They walking around taking back 10% and driving bout big Benz and nuff big words and got people suffering. He get millions since he big up and won’t even go and pay the old land lord lady. You with nonsense about paying slow when people can’t even pay a doctor when they sick.

    Reply

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