I was speaking to a good friend a few days ago about the truth behind this wonderful phrase called 'payment holiday' which has been floating around for a few weeks. Anyway, my friend and I discussed it in great detail. At the same time, I was also lamenting about feeling guilty with continuing to talk about financial literacy at a time like this.
By the time we had finished our conversation, the feeling of guilt had disappeared! Yes, it's wonderful to have great support network. I also felt so happy that I was able to impact knowledge on 'payment holiday' with my dear friend.
Okay, so, first off, it's called a payment holiday. The operative word is - holiday. It is also in the singular form. This means that you only have one option. Otherwise, it would be referred to as 'payment holidays'.
Who doesn't thoroughly enjoy a holiday and also dread going back to the realities of life. Well, the same goes for a payment holiday.
5 REASONS WHY PAYMENT HOLIDAY IS NOT A HOLIDAY
- You are able to continue to make regular payments: if you are able to, and can afford to continue to make payments, do so.
- You can make some payments: it is better to make some payment versus no payment whatsoever.
- . You are unsure about what will happen after the holiday is over: consider what life would be like for you once the 'new normal' is here.
- You have failed to enquire about other payment options: a payment holiday is NOT a new concept within the financial industry.
- You can afford to pay more: please do so to further reduce the repayment you have already been making.
It is such a coincidence coming across an article in Grazia Magazine June 2020 edition between writing this blog post which also talked about this topic. Great minds thinking alike!
I'd love to hear from you if you have opted for the payment holiday or considering opting for it - which is the only option for some.
Can I please indulge you in reading a wonderful testimonial from one of my previous clients further below.
Until next time,