Comment: A slight lockdown can easily become a difficult one

Image: Petra Hartl-If the account balance shrinks, it can get tight with the next loan installment. “>

If the account balance is shrinking, the next loan installment can get tight.

Image: Petra Hartl

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Good news related to Corona is rare these days. But they still exist. No less than four banks, which serve tens of thousands of customers from the region and beyond, in the urban area, provide credible assurance that the credit crash that many feared in March did not materialize. The reasons for that are complex. Holidays not booked in the first place and money saved in other ways certainly play a role. But what very few people know: the state has also played its part.

In addition to the short-time work, which prevents financial hardship, the nationwide debt moratorium, which was valid from April to June and said that payment can be postponed in the three months mentioned without any major examination, is also bearing fruit. The keyword short-time work was enough to relieve the burden. As heard from the banks surveyed, most deferral requests were received in May and June. Although politicians are currently fond of talking about an easy lockdown, it could still become a difficult one. That would be the case when the first loans burst, personal bankruptcies pile up and houses have to be foreclosed. Then the impending lockdown would have worse consequences than the first.