UK markets watchdog proposes further 3-month consumer credit payment holiday

[LONDON] Britain's markets watchdog on Friday proposed enabling consumers to extend a payment freeze on their credit cards by a further three months, as part of measures to support borrowers in difficulties due to the coronavirus pandemic.

Those who had not yet asked for a payment freeze on credit cards or for an interest-free overdraft of up to £500 (S$870) could also seek one up until Oct 31, the Financial Conduct Authority said in a statement.

REUTERS