HeraldLIVE | That payment holiday could cost you big in the end

For many of those whose incomes were dramatically reduced or totally decimated as a result of last year’s Covid-19 lockdowns and restrictions, their credit providers’ offer of a payment break was grabbed with both hands.

Last August, DebtBusters’ COO Benay Sager warned that that payment holidays would add considerably to consumers’ debt.

For those who deferred bond repayments for three months, he said, the debt on their mortgage grew by R14,300 on average, he said.

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