Martin Lewis has explained exactly who should and shouldn't take advantage of all the new payment holidays made available to people thanks to coronavirus.
Speaking to viewers of a coronavirus special of the ITV Martin Lewis Money Show, he explained that the holidays could prove a vital break from payments, but could also be a risk.
Speaking from his home studio, Martin said: "You always want to avoid a payment holiday if you can because interest continues to build up."
Currently you are entitled to three month payment holidays on mortgages, cards and loans.
New rules coming into force tomorrow will see that extended car finance, rent-to-own, pawnbroking and buy-now, pay later debts.
There is also a plan coming to give people a month interest free on payday loans and other short term credit.
But use them carefully, Martin warned.
"The least worst is a mortgage payment holiday," Martin said.
"All the others - credit cards, car finance, you really want to avoid those if you can."
His main concern is that while payments stop, interest continues to build up, meaning you'll get bigger payments after the holiday ends.
Mortgages are least worst because the debt is spread over such a long time, the increase in payments should be small.
Martin also warned he was starting to see examples of banks getting it wrong.
"It looks to me like we're starting to see some calculation mistakes from banks and building societies [on mortgages]," Martin said.
Some people are seeing repayments shoot up by huge amounts.
Martin pointed out payments shouldn't go up by more than about £50 unless you're incredibly close to paying the loan off - so if they you do see a big hike, get back in touch and ask them to explain why.
His final advice was to hold off from applying if you can, as there is no rush to get them.
"Don't do one unless you really need one, they will still be available until at least June," Martin said.
