To: Banks, Loan/Mortgage Companies and Credit Card Companies

Freeze interest payments on all loan and credit card 'holidays'

As well as allowing customers to stop making payments for the 3 month period freeze interest charges as well. It's not much of a 'payment holiday' if you continue to accrue interest over a 3 month period if you are unable to make your payments due to the current CV-19 situation.

Why is this important?

It seems to me that the payment holiday being offered by banks and credit card lenders is a bit of an empty gesture. Yes it will allow customers to miss 3 months of payments without incurring additional charges for being unable to pay the monthly bill, but the interest on those payments will continue to accrue. In simple terms, these companies are making extra profit from their customers pandemic induced difficulties. this cannot be right, or fair.

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