5 Reasons Why Payment Holiday Isn't a Holiday

Hello and a warm welcome back to another blog post. Let's address the elephant in the closet by delving into this whole topic of payment holiday.

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

1. You are able to continue to make regular payments: if you are able to, and can afford to continue to make payments, do so.
2. You can make some payments: it is better to make some payment versus no payment whatsoever.
3. . 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.
4. You have failed to enquire about other payment options: a payment holiday is NOT a new concept within the financial industry.
5. 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!

READ MORE: DIGITAL FINANCIAL LITERACY A MUST FOR EVERY NIGERIA POST COVID-19

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,

Much love,

Deborah