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Always Avoid Payment Holidays

Always Avoid Payment Holidays

Once you've been paying off a credit card for a while, you might be offered a 'payment holiday'. You'll get a letter, saying that since the company knows it's difficult for some families around Christmas (or whatever other excuse they think up), they're offering you a month off from paying, as a 'special present'.

Why Would They Do That?

Offers of payment holidays typically have a very high acceptance rate. People think it's great that they can take a month off from the stress of paying back debt. What they don't usually realise is that these 'holidays' aren't a present at all - they're a great money-spinner for the credit card company. For the company, it's a win-win situation: they get to make big profits just by making their poorer customers happy.

How Can Letting Me Off Paying Earn Them Money?

Well, that's where the trick comes in. If you read the small print, you'll find that the payment holiday> isn't interest free! You're still being charged interest - and since you're not paying anything back that month, the interest will be there next month for you to pay interest on (compound interest, you see).

That might feel a little hard to grasp, so here's an example. Let's say you were paying back $1000 of debt at 1.5% per month (about 19.5% per year). Your minimum payment each month is 2% (26.82% per year).

If you pay the minimum for all 12 months of the year, then you will pay back $233.51, and owe $941.62 at the end of the year. Your debt has been reduced by $58.38, and you've lost $175.13 in interest.

With the payment holiday, though, you pay 2% per month for only 11 months (so you pay 24.3% back on the debt over the year). That's $217.80, and you'd owe $960.55 at the end of the year. Overall, you've paid $37.86 for your payment holiday from a payment of about $20. In other words, your month off cost you almost two months of payments.

Don't worry if you don't understand all the maths involved here - it's been deliberately designed by mathematicians and marketers to be as confusing as possible, to stop you working out what a bad deal you're getting. After all, if you haven't read this, would you really ever turn down a month off paying your bills? Just remember: don't fall for it. The more you owe, the more that 'holiday' will cost you. Wouldn't you rather take your money and go on a real holiday, instead of spending it all on repaying credit card debt?

If It Sounds Too Good to Be True?

In all things in life, remember that no-one gives you anything for nothing - least of all credit card companies. Anytime they offer you anything, it's because they're going to make a profit on it. If you can't see where their profit is coming from, be suspicious - it's probably all a big scam that's going to cost you money, even if you don't realise it.

Ken Austin is the webmaster at Debt Consolidation Information and Credit Card Debt Relief

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table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://ap.google.com/article/ALeqM5gHs5OM3gFG_DytQQZFbWfgPT08MAD93LMV400cid=1256503737ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNHJUYIojuotP3GcOucke66pL6gPBAimg src=http://news.google.com/news?imgefp=z-WGhTOctNMJimgurl=ap.google.com/media/ALeqM5hcreO5BPgd4iLUrFFOMQHS_Ee9DA width=70 height=80 alt= border=1brfont size=-2The Associated Press/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://ap.google.com/article/ALeqM5gHs5OM3gFG_DytQQZFbWfgPT08MAD93MBAFG0cid=1256503737ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNF1vNMiFRsLsX3FfuE9gPDO28uZ_wWall Street pulls back amid bcredit/b concerns/abrfont size=-1font color=#6f6f6fThe Associated Pressnbsp;-/font nobrOct 9, 2008/nobr/fontbrfont size=-1NEW YORK (AP) — Wall Street headed for another volatile session Wednesday as investors doubted that an emergency interest rate cut would revive bcredit/b b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.startribune.com/30575239.html%3Felr%3DKArks:DCiU1OiP:DiiUiD3aPc:_Yyc:aULPQL7PQLanchO7DiUcid=1256503737ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNGc_thMi_Uvg_h0NoMzxV6x1pS8aAFear gripping Wall Street/a font size=-1 color=#6f6f6fnobrMinneapolis Star Tribune/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.ft.com/cms/s/09e7cba6-96f4-11dd-8cc4-000077b07658.htmlcid=1256503737ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNFca8nr2grR2o_l-XHhQ3WzpCKJQQOverview: Stock markets crash as financial crisis deepens/a font size=-1 color=#6f6f6fnobrFinancial Times/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.sfgate.com/cgi-bin/article.cgi%3Ff%3D/c/a/2008/10/06/EDF313CAO4.DTLcid=1256503737ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNGskJVMkK_mwaOnpx4IcxWGHeoShQBailout should not include price controls on low-limit bcredit/b cards/a font size=-1 color=#6f6f6fnobrSan Francisco Chronicle/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.forbes.com/markets/2008/10/09/briefing-afternoon-banks-markets-equity-cx_ss_1009markets26.htmlcid=1256503737ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNHQ4GkrL81_kof1BSV8TaUJJKnbxwnobrForbes/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://money.cnn.com/2008/10/07/markets/stockswatch/%3Fpostversion%3D2008100707cid=1256503737ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNGhzNeqXQ4C9yVBmojvId6aUdzU9QnobrCNN/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1256503737hl=ennobrall 981 news articles/nobr/a/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://visitbulgaria.info/london-stock-market-rallies-after-slumpcid=1255864600ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNEsdmD_NNQjbh2_mi9sQ3ZsiobpWwimg src=http://news.google.com/news?imgefp=kc0_pjLpmm8Jimgurl=visitbulgaria.info/files/London-stock-market.jpg width=80 height=53 alt= border=1brfont size=-2Visit Bulgaria/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.forbes.com/business/2008/10/10/g7-economy-paulson-biz-beltway-cx_bw_1010geeseven.htmlcid=1255864600ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNEa3cCUEt85kbku-ZBqtuiDf53HIQG-7: We#39;re Working On It/abrfont size=-1font color=#6f6f6fForbes,nbsp;NYnbsp;-/font nobr17 hours ago/nobr/fontbrfont size=-1quot;We commit to continue working together to stabilize financial markets and restore the flow of bcredit/b, to support economic growth,quot; G-7 finance ministers b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.youtube.com/watch%3Fv%3DlEIZayeCWlQcid=1255864600ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNGGk_vLbgn9XNvcrKWio16IIcG1UgVideo: Overseas Markets Fall on Financial Turmoil Fears/a font size=-1 color=#6f6f6fnobrAssociatedPress/nobr/fontobject width=448 height=356param name=movie value=http://www.youtube.com/v/lEIZayeCWlQ/paramparam name=wmode value=transparent/paramembed src=http://www.youtube.com/v/lEIZayeCWlQtype=application/x-shockwave-flashwmode=transparentwidth=448height=356/embed/objectbr/fontfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://money.cnn.com/2008/10/10/news/economy/g7_statement/%3Fpostversion%3D2008101020cid=1255864600ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNGHxHgchmpG29nsgFJI--mVHZpCxQG-7: #39;Urgent action#39; needed/a font size=-1 color=#6f6f6fnobrCNNMoney.com/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.gulf-daily-news.com/Story.asp%3FArticle%3D231457%26Sn%3DBUSI%26IssueID%3D31205cid=1255864600ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNEaZm5xrCZ3YEK27xMXvaa2Bv_mAwSHARES FREEFALL/a font size=-1 color=#6f6f6fnobrGulf Daily News/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://ap.google.com/article/ALeqM5ht5O0qwOpypLImflHg6dTSrn-O7wD93M88TG0cid=1255864600ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNHDsfiWg8gB6wy10Jd9LfnQzV8olgnobrThe Associated Press/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.businessweek.com/bwdaily/dnflash/content/oct2008/db20081010_744839.htm%3Fchan%3Dtop%2Bnews_top%2Bnews%2Bindex%2B-%2Btemp_top%2Bstorycid=1255864600ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNEaqtyBe5dNn5leyDT2GJC6NYrNmgnobrBusinessWeek/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1255864600hl=ennobrall 1,324 news articles/nobr/a/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.hedgeweek.com/articles/detail.jsp%3Fcontent_id%3D270902cid=1254860311ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNH4A9WaJz4SQkdXKd2tgdKTcHmqzgimg src=http://news.google.com/news?imgefp=7kZiev_e1T8Jimgurl=www.hedgeweek.com/userimages/Chicago_Mercantile_Exchange.jpg width=80 height=60 alt= border=1brfont size=-2HedgeWeek/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.californiaprogressreport.com/2008/10/state_controlle_2.htmlcid=1254860311ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNHVUzSYWOarLdPTHoOkI2MFbAS7xAState Controller Chiang to Treasury Secretary Paulson b.../b/abrfont size=-1font color=#6f6f6fCalifornia Progress Report,nbsp;CAnbsp;-/font nobr1 hour ago/nobr/fontbrfont size=-1However, while we continue to work through this crisis, I believe more needs to be done to increase investor confidence in the bcredit/b markets, b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.ajc.com/business/content/business/stories/2008/10/10/credit_trade_swaps.htmlcid=1254860311ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNFNVdMeRNvufrDvSKhzwlELXGxiuQICE, 3 other firms team up to trade little-known securities/a font size=-1 color=#6f6f6fnobrAtlanta Journal Constitution/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.mondovisione.com/index.cfm%3Fsection%3Dnews%26action%3Ddetail%26id%3D77979cid=1254860311ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNH7wfadUpAcdiphth34z1-aQR2FSAEurex Clearing Presents Central Clearing Solution For bCredit/b b.../b/a font size=-1 color=#6f6f6fnobrExchange News Direct/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.ft.com/cms/s/0/9ea2c5c4-96f5-11dd-8cc4-000077b07658.htmlcid=1254860311ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNHObFd3rjs2kL_-lLzGBYuonEvD9AICE joins banks for global clearing solution/a font size=-1 color=#6f6f6fnobrFinancial Times (subscription)/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN1052652820081010cid=1254860311ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNHdDVJJ8IYycSp7K52NpMyNB1O44gnobrReuters/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.forbes.com/finance/2008/10/07/cme-pimco-treasury-pf-ii-in_pr_1007dividend_inl.htmlcid=1254860311ei=Z9bwSNyOBI3W6gOS1dmyBwusg=AFQjCNEGLFaMCiMDl79MfmQGlx05e0rCnAnobrForbes/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1254860311hl=ennobrall 89 news articles/nobr/a/font/div/font/td/tr/table

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