Credit card debt repayment: If caution and prudence are not maintained in the use of credit cards, then it can entangle you in the trap of huge debt.
Many times the situation is such that even if we want, we are not able to make the payment of credit card on time. During the Corona epidemic, when people suddenly lost their jobs, then such cases were seen. However, if you are stuck in credit card debt due to any reason, do not panic, there is a way out of it. A few small efforts can get us out of this date net. Let’s know about 4 such methods …Also Read: LIC invest Rs 200 per day in this plan, get Rs 28 lakh
Talk to the bank or company.
An important way to get out of credit card debt is to take a proactive approach. The first step is to talk to the credit card issuing bank or company about what and how much discount you can get in the repayment terms. If the outstanding bill is too high, most banks make way for it.Also Read: Participation in buy back offer will give risk free returns of up to 38%
Make repayment strategy ready
To get rid of credit card debt, you have to create a repayment goal and a strategy for it. There are four things that need to be understood in this. First, if your savings are getting more, then pay more than the minimum amount due. This will reduce your interest. Second debt slowball, this means that first you should pay off small loans first. With this, after a while, you will have enough amount to repay the big loan.Also Read: How women can change PAN card after marriage, know in one click
Have repayment goals and strategies ready
The third repayment strategy is to convert your credit limit into a personal loan and pay in easy installments. Generally, the interest rates on personal loans are lower than the interest rates on credit card dues. Fourth, that you do not forget the credit card payment, so set up automatic payment. Every bank has this service. There will be no late payment due.Also Read: How Can You Get Your Aadhaar PVC Card Made Online Sitting At Home?, Know This Way
Bring the debt into one account
If more than one payment of credit card is due, then it is best to get debt consolidation done. That is, all credit card payments can be made in one account. This will mean that you will have to make one payment instead of making separate payments.
Credit card debt is taking a toll on you, so at such a time you should think about reducing your expenses. As soon as you get the salary, first of all try to clear the credit card dues. After that make the budget of the month from the balance. The strategy of clearing the dues before expenses is very effective. This will also improve your credit score. (Note: This information has been taken from the official website of Bajaj Finserv.)