Martin Lewis is warning people to only take payment holidays if they really have to.
During the coronavirus pandemic, people may be struggling to pay their bills.
At the start of the pandemic in March, the Financial Conduct Authority introduced mortgage payment holidays.
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Mortgage holidays allow customers impacted by coronavirus a temporary break from having to make mortgage payments.
Since then, you can now get payment holidays for cards, loans, car finance and more.
Most have been extended until March 31.
If you haven't had a payment holiday, you can near-automatically get one for three months, then another after three months.
However, Martin has warned viewers on his ITV show about using payment holidays.
He said: "Only do it if you really have to. While it doesn't go on your credit file, the interest still racks up."
This is due to the fact most of these products are debt products, meaning interest still racks up over the period.
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Martin explained further on his MoneySavingExpert site: "While a payment holiday is a good financial break and, if you're struggling with other bills, it's better than missing payments without an agreement, there are some real consequences to it...
"Normally you make repayments that lower the amount owed and reduce the interest, yet the fact you're not paying while the interest still accrues means it will cost you more."
