Credit Card bill payments: You may not have money. In such a situation, talk to the bank from where the credit card has been taken. Request that the payment and fees be put on hold for a few days. Some banks give grace and relief to the customer. This is called Moratorium.
Spending with a credit card sounds like an easy task. After a month, the bill has to be paid, so people spend without any hesitation. Nowadays paying credit card bills has also become very easy. Easy online it gets the job done. In such a situation, one should be more careful about the expenditure. It is most important that you pay the bill on time, otherwise you may have to pay huge interest. In Corona, it is seen that all the expenditure is going on with the credit card itself. But due to stoppage of income, they are not able to pay the bills on time. In such a situation, there is bound to be a shock in the interest rate. To avoid this, if customers want, they can talk to their bank and take some time.
There are many of us who do not even think about spending with credit cards. They do not care about the expenses but when it comes to paying the bills, they get into thinking. This is being seen even in the Corona period. Suppose someone needed emergency expenses, huge expenditure was incurred on the treatment and they could not pay the bank payment, what would they do. For this you can follow these important tips.
talk to your bank
It is obvious in the epidemic that the problems of the people have increased. It is necessary to spend, but even more important is to pay his bill. But you might not have the money. In such a situation, talk to the bank from where the credit card has been taken. Request that the payment and fees be put on hold for a few days. Some banks give grace and relief to the customer. It is called Moratorium which is a good means of paying bills and avoiding interest. With this your EMI is stopped for a few days. Until your financial condition returns to normal, you can avoid paying the bill.
focus on budget
Avoid spending recklessly. Let’s assume that this is not the case before. Right now the situation in Corona is bad, so saving is the most meaningful way in it. Check your bank statement to track expenses. You will come to know where the extra spending has been done with the credit card. Avoid such expenditure again. There are many offers on the purchase of groceries from online shopping and e-commerce. use it.
turn off auto payment
Turn off the auto payment feature to manage and limit credit card spending. This will automatically stop deducting money every month. People spend a lot in auto pay and they do not even know because the bill payment is done easily automatically. If the financial situation is bad, then you can also pay the credit card bill by making minimum payment. Later, when your budget is improved, then pay the entire amount of the bill manually.
Convert payment to EMI
If you are unable to pay the credit card bill in one go, then convert it into monthly EMI. This will save you from the burden falling together. This will split a huge and heavy bill payment over several months. You do not have to do much to opt for Monthly EMI option. Just use internet banking or mobile banking app. There you get the option of EMI for the credit card bill. You get the benefit of paying a lower interest rate than this. There is a longer tenure available to pay the bill so that you do not put a lot of pressure on you all at once. If you pay the credit card bill on time keeping all these tips in mind, there will be no problem in future.