The global pandemic has brought great disruptions, monumental challenges and major changes to the way we live our lives. One study recently revealed that financial stress is the biggest mental health burden in the UK amid Covid-19.
Of those surveyed, a startling 71 percent admitted they are worried about having enough money to pay their rent, mortgage and utility bills due to the ongoing pandemic.
To help ease the stress, many consumers have been granted payment holidays as it offers additional support to borrowers during the pandemic. Most recently, the FCA has extended applications for payment breaks until March 2021.
But what financial commitment is the public most worried about?
To find out, specialist mortgage broker platform Haysto has analysed just how many of us are googling enquiries related to payment holidays including mortgages, car finance, credit cards, personal loans and rent*.
Of the most-asked enquiries in the UK over the past year, “mortgage holiday”, takes the top spot as being the most searched by 27,000 people in the UK every month.
To compare, before the pandemic hit, in 2019 the term ‘mortgage holiday’ was only searched 590 times on average. A momentous increase of almost 4500 percent, indicating how worried consumers are about maintaining the upkeep of their monthly mortgage payments during the current climate.
Additionally, in regards to high-street mortgage lenders**, enquiries for payment holidays was collectively searched by 63,000 people in the UK every month.
In second place is ‘credit card payment holiday’, searched by an average of 1,600 people each month. In 2020 the total credit card debt in the UK was over £62 billion, with an average debt of over £2200 per household.
The increase in search for ‘credit card payment holiday’ increased by over 1000 percent compared to 2019.
Looking at the remaining search terms related to payment holidays, these are how many people are searching for answers to their financial worries each month:
- Car finance payment holiday (720 searches per month)
- Rent payment holiday (390)
- Personal loan payment holiday (70)