June is finally here and with the credit card directive being enforced to curb excessive spending, cardholders will also be expected to dig deeper into their pockets to pay off the increased monthly minimum repayment.

This restructuring brought about fears among several parties who worried that the move would affect businesses (including small to medium enterprises, retailers, travel agencies and furniture stores) as it would only mean that people would have less money to spend.

In this regard, the Bulletin has spoken to representatives from a number of local business enterprises to find out if the move has had any impact on them.

According to a representative from RNT Electronics, a shop selling home electrical appliances, mobile phones and cameras, “Customers have been spending less especially on their credit cards.”

However, he insisted it was not a problem as customers would still spend, using cash instead, on items below $1,000.

A Guan Electrical representative said he was “worried that this will affect business in the long term”.

Meanwhile, a senior staff at an online store, Shopping.com.bn, also told the Bulletin that “sales have been dramatically bad” due to the new directive.

However, he also shared positive views based on the credit card directive as it serves as a “reality check” for the people here.

“People are spending too much without realising it and a lot of times they spend more than what they can actually afford. This is therefore good for the long term, I believe, and it is also good that it is happening now rather than in the future,” he commented.

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