Banks are offering payment holidays to customers with personal loans and credit cards as millions struggle to get by during the coronavirus crisis

Banks are coming to the rescue of Australians in debt who are enduring financial distress during the coronavirus crisis.  An estimated two million Australians could lose their jobs in the next two weeks as businesses shut down because of Covid-19 lockdowns. Unemployment is expected to soar as the retail, hospitality, transport, personal services, arts and recreation industries will continue to suffer major job losses due to closures.  In response some of Australia’s leading financial institutions have announced payment holidays for customers struggling to pay off credit card and personal debts. The move comes in addition to banks offering payment holidays on mortgage repayments to help struggling homeowners. Australians will be able to defer credit card repayments until they get back on their feet ING was the first to defer credit card repayments for 3-6 months for cash-strapped customers impacted by the deadly virus pandemic.  Other major banks are understood to be considering extending the payment pause offer to credit card holders. There is a catch to ING’s payment holiday on credit card debts, however. ‘During a payment pause, credit card repayments are not required, but your card will be inactive,’ the institution states on its website. ‘Interest and fees will continue to… Read full this story

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