Martin Lewis shared a major credit card update with the nation.
The finance guru, owner of the Money Saving Expert website, has kept people updated throughout the pandemic on everything from passports to mortgages.
He featured important tips on his ITV1 program The Martin Lewis Money Show, as well as regular appearances on This Morning, updates on his Twitter page and of course his weekly MSE newsletter.
This week, he revealed that credit cards, personal loans and catalog debt repayment holidays are expected to be extended until October 31, reports Birmingham live.
In his newsletterMartin wrote: âOn Friday, the regulator, the Financial Conduct Authority (FCA), released proposals that included extending card payment holidays and loans for those struggling due to the pandemic.
“It’s a lightning-quick consultation, almost certain to be approved and in place by July.”
If you haven’t applied yet, you have until October 21, and if you’re already on payroll leave, you can request a three-month extension.
Partial pay holidays are allowed if you can repay part but not all.
Martin emphasized: âMy point is that IF YOU NEED A HOLIDAY PAYMENT, DO IT, BUT ONLY IF NECESSARY. The reason this is not a âgrabâ is twofold.
âFirst, because vacations are just a postponement, you still have to pay what is missed, and the interest that has accrued, later. can affect credit scores because lenders use other methods to detect them.
“But if you’re struggling to repay and need cash, do it. Better than killing your finances.”