In this era of uncertainty and financial instability paying by credit card or acquiring loans became the name of the game in South Africa. This feeling of not being completely confident and sure of the economic situation in the country appeared, and deepened as the year went by, with the advent of the COVID-19 pandemic. A lot changed, and people around the world faced unimaginable things. Now that 2020 is coming to an end, and as coronavirus disease vaccines are being developed, there is a higher hope for the pandemic situation to come to an end. Therefore, it is time that economies around the world reactivate, it is time people begin paying their debts and find their ways in the new configuration of societies worldwide.

Earlier this year, when the turning from 2019 to 2020 had just taken place, the world became aware of the virus which had started to develop in China and would then, in March, be declared a pandemic by the World Health Organization. In order to adapt to this changing world situation, the countries’ administrations, as well as citizens in each territory, had to take important decisions to overcome the situation with the best possible outcomes. There was a reconfiguration of health and sanitary systems, educational systems, and also economic and working conditions were seen to change. The population in South Africa was seen to change their spending habits, forced to take care of their individual households’ economies to make ends meet. There were modifications not only as regards the goods and services which were chosen as absolutely necessary and non-negotiable, but also as regards choices to make payments and cancel debts. 

Many buyers decided to apply for loans requesting them to banks or private lenders, for instance, or they acquired clothing accounts for those specific purchases. Most of the times these credits are devoid of interest or are offered at very low interest rates, which is why they are so attractive to buyers. It was possible in South Africa to get an instant loan as another method when seeking financial help, and it still is. However, debtors have been found to be behind on payments. Due to the country’s financial instability people protected their finances by incurring debts whose amounts were repayable by instalment, but now, they are struggling to pay the money they owe to these institutions. 

Nowadays, in South Africa there is a low spread of the virus and the health system is ready to take care of infected people successfully. The objective of Alert Level 1 is to allow most normal activity to resume, only if citizens follow health precautions at all times and are willing and ready to increase the alert level should it be necessary. Administrations are offering help to the citizens of their countries in the same way they did when all of this began. To mention an example, the South African Reserve Bank offers legal help and guidance to institutions or individuals, encouraging them to make payments to each other, in order to also improve the finance of the country as a whole. 

It is paramount that citizens, not only in South Africa, but all over the world begin to adapt to the new normal. Adapting to it will be a challenge and it will take a long process. Each body in the government, as well as each individual living in the territory, has to be committed and act responsibly to continue taking care of ourselves and our families. One first personal step may be to check particular household’s debts, to organize them and meet payments.