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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.
