Payment Holidays – Avoid Them Like The PlagueAfter youve been paying off your credit card for a time, you might occasionally be offered a payment holiday. Usually youll get a letter, saying that since the company knows its difficult for some families around Christmas (or whatever other excuse they think up), theyre offering you a month off from paying, as a special present or 'payment vacation'.
Now Ask Yourself Why Would They Want To Do That?
Payment holiday offers typically have a very high acceptance rate. Most people think its great that they can take a month off from the stress of paying back debt, they tend to feel “worthy” of special treatment. What they dont usually realize is that these holidays arent really a present at all theyre a big money-maker for the credit card company. For the company, its a win-win situation: they get to make big profits just by making their poorer customers happy. .
How Can Letting Your 'Holiday From Paying' Earn Them Money?
Well, thats where the trickiness comes in. If you read the small print, youll find that the payment holiday isnt interest free! Youre still being charged...
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