Credit Holidays: Legal Aspect

The article discusses the history of the appearance of the credit holiday instrument in domestic legislation, its scaling and the key parameters of the new permanent credit holiday instrument under consumer credit (loan) agreements. Based on the research, the author came to the conclusion that the emergence of the credit holiday instrument had a beneficial effect on ensuring that borrowers were able to restore their solvency in a pre-default state and get through the crises of recent years with minimal or no losses in the field of consumer lending.