Payment Holiday Vs Debt

Smith15

Hi All

I currently have a loan of just over 7k outstanding which is at a really high rate (over 30% interest) as well as a credit card of 3,5k with similar interest rate. Would I be more benefical by taking a payment holiday for around 5 months to clear down the loan as the interest rate is so high and the current repayments ion the above are nearly half my mortgage repayment...Also would my provider allow me to take a holiday for this reason?

Thoughts please!

Thanks so much

Thrugelmir

Your lender is unlikely to grant your wish. Default on your other debts before the mortgage. If your debts are causing you financial distress. Seek advice from the National Debt Helpline. It's a totally free service to use and has a free phone number too.