Credit Card Tips: Credit card dues have become a debt mess, what to do now, and how to get rid of this problem? know here...

The trend of credit cards has increased rapidly in the last few years. It is very convenient. If you do not have money, then you can fulfill your needs with the help of a credit card. Whatever amount you spend on a credit card is like a loan. But you have a grace period to repay this loan. If you repay the loan in that grace period, then you do not have to pay interest on the amount spent on the credit card.

But if this grace period is missed and you are unable to repay the loan amount, then you may have to pay a lot of interest. In this affair, the person gets entangled in the debt trap. If something like this happens to you, then know here those methods that will prove to help get you out of the debt trap.

Convert the bill into EMI
If you have become a defaulter and are not able to pay the credit card bill, then this will hurt your CIBIL score. You should convert the credit card bill into EMI. The advantage of EMI is that you will not have to pay the entire amount of the credit card bill in one go and your financial burden will be reduced.

Top up loan
If you already have a home loan, then you can get a top-up loan on it. A top-up loan is a loan in which an additional amount is given by the bank on your existing loan. This is like an add-on facility that the bank gives to its customers. With this, you can easily repay the credit card loan.

Loan on FD, PPF, LIC
If you have invested in FD, PPF, LIC, or any such scheme on which a loan facility is available, then you can take advantage of this facility. In this way, you will get a loan at a lower interest rate and you will be able to easily pay the credit card dues. This will also not spoil your budget.

Transfer balance to another credit card
If you have more than one credit card, then you can transfer the credit card balance to another card. The advantage of this is that you get a different credit period. In this way, you get extra time to make the payment without any increase in interest. There can be two ways to transfer the balance. The first way is that you have to call the customer care of the bank and get the balance transferred from them. The second way is that you can transfer the balance yourself from the bank's app or website.

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