Get rid of Credit card debt– Hello friends here I will share my knowledge; about how you can get rid of credit card debt; In fact , it is the worst condition; when it happens to pay the credit card bill; which are not used ,
Charges over charges also bring an issue; to surrender that credit card as soon as possible; when a credit cardholder is unable to pay off the bill on time.
Especially all credit card holders must know details of their credit cards, i.e what it comes to the Limit. Statement date, Billing due date, if you are still confined to knowing how to use credit cards smartly, you can read this article here.
Ways to get rid of credit card debt
Various options are available out there to get rid of it when it happens not to use that credit card any longer.
- Emi installment.
- Talking a loan at low ROI.
- Use in need only.
EMI installment to a credit card due amount can let you pay with a certain amount, you can get some relief of arranging whole money to clear all dues,
So here it is basically to mention that When it comes to money problems and also no ways to pay the credit card entire bill at a time , Ask the Bank to convert that credit card dues amount into EMI,
EMI tenure you can choose to your need along with installment value because Longer Emi tenure often takes low installment value per month but enhance the Rate of interest amount.
But no way if you choose to pay the bill on time. When you pay EMI installment value on the time you pay an additional interest amount to the bank but you just stop levying other sorts of charges.
Credit card debt is paid via Loan
Sometimes it also happens when there are no options rather than taking a loan, but here I do recommend taking a loan from Lender at a low-cost rate of interest, can get you rid of credit card debt burden,
For example, If your credit card’s total outstanding balance is 40 K so far, which you are unable to pay for. And you notice that charges overcharges are also getting levied on your credit card.
Charges over charges mean that you are being charged Late fees, Finance charges, Over limit fees, bounce charges, Gst charges, etc,
But when you opt loan from a lender that can provide you at a low rate of interest, with that loan amount, you can pay off the total credit card due amount, and then, you can get a free chance not to pay all those charges,
In such cases, you will pay only the EMI installment for that Loan that was taken.
How to settle a credit card debt?.
When a cardholder surrender that credit card; he/she has only the last option to settle a credit card anyhow; because of it many cardholders confess a lot of issues of not resolving their problems on behalf oF Bank;
But the reason might that credit card would have been recently been used but then that credit card holder could be unable to pay the bill and would like to settle that credit card, a case; credit card users didn’t receive any help ;
So my recommendation is to seek the bank help to initiate a settlement request; after two or three months of credit card outstanding balance is unpaid; because the Bank must know your financial conditions, and why you are unable to pay;
tell them a genuine reason and ask them to initiate a credit card settlement; here I have told all the essential information of HDFC credit card settlement process; after reading that article, you will know “do and don’t ” during the settlement process; also how to get rid of paying entire amount;
FAQ ON Credit card debt
Ans- As per my knowledge, a minimum of 50 to 60 % of the total outstanding balance is required to pay for a credit card settlement, but please do not take it as exact information, because, it does depend on the subject of your credit card issuer company; to know the real information, you may contact your respective credit card department and ask for the same;
Because of various factors that they see during a credit card settlement.
Ans- No, without paying a total outstanding balance of a credit card; the issuer company may deny this request, customers have to pay the bill, otherwise, the collection team handles this case; if they are unable to receive money from credit cardholders. for this, they can reach the cardholder’s mailing address to collect the money.
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