Struggle to Pay Credit Card money: Follow these steps
If you are unable to repay the credit card bill on time, the debt burden will increase rapidly as the credit card companies charge you high interest as a penalty for not paying the bill on time.
In today’s era, credit cards are indispensable for people. Its use is increasing rapidly in recent times. But even though a credit card can be helpful to you at times, even a small mistake can cause you trouble.
If you are unable to repay the credit card bill on time, the debt burden will increase rapidly as the credit card companies charge you high interest as a penalty for not paying the bill on time. Not only this, but increasing your credit card debt load can affect your credit rating. To avoid this situation, learn ways to avoid credit card debt here.
Reduce credit card balances:
Always keep credit card balances low. This can reduce the interest you pay on the credit card. This will save you money every month. You should not wait till the end of the month to make the payment. Because the higher the balance, the more interest you will have to pay.
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By paying this amount regularly, you can reduce the outstanding amount. If you have debt, pay it off early. In most credit cards, it is necessary to pay 5 percent per bill per month and after this, the remaining balance is added to the next month’s bill and interest is charged on it. Even if the interest is charged at 4 percent, it can put you under debt burden. Pay back as soon as possible and avoid debt.
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Shop through EMI:
Many times, if we buy something big, we pay for it by credit card, but because of this, the total interest charged to the card can be very high. In such a situation, you can convert that payment into Equated Monthly Installment (EMI) by opting for EMI facility from your credit card company, thereby reducing the interest charged on the purchases.
Transfer credit card balances in one place:
If you have a low interest rate card, then transfer the balance of your first card to the second card, but before that, you need to know about the processing charges and other charges and transfer all the balance in one place. You should do this when you cannot pay the card balance.
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