More than 30% of readers will struggle when their payment holiday ends

In June, JustMoney conducted a survey to find out whether our readers were keen on taking payment holidays for their credit accounts. This was a sequel to our first survey where we established the effect of Covid-19 on our readers’ finances. Close to 1400 readers participated in the survey, answering six questions each.

The results showed that only 31% of our readers were offered payment holidays by their credit providers, and about half of our readers did not consider taking these payment holidays.

In our survey, we also established that 33% of our readers would be in severe financial distress if they were not offered payment holidays. When asked whether they would experience financial distress when their payment holidays come to an end, 36% of them answered yes.

Debt has the ability to severely affect the quality of your life. If not managed properly, it can damage your credit score and hinder you from obtaining more credit. JustMoney can help you prevent this from happening. We can help you find ways to reduce your instalments and interest on your debt without skipping your payments.  Click here to find out how.

To view the full survey results, click on the icon below ‘JustMoney Survey’.