Credit Card Tips: If you want to get rid of the hassle of online credit cards, then adopt this method...

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Shashikant Singh, a resident of the Indiranagar area, did so much credit card shopping that his debt increased hugely. Now the situation is such that they are not able to pay even the minimum salary for the month. This story is not only of Shashikant but there are thousands and lakhs of people who get trapped in such debt and loan traps due to shopping without thinking.


Then even after trying, we are not able to get out of it quickly. It is also true that it is not easy to get out of this kind of debt trap. The reason is that if you have not made full payment of credit card debt at once, then you have to pay more interest on it every month. So let us tell you today how to get out of this web of debt.

CIBIL score starts deteriorating-
The biggest disadvantage of not paying on time is that it causes your CIBIL score or credit score to deteriorate. If your CIBIL score is bad, you face difficulty in getting any kind of loan. To get out of this web of debt, the first thing you have to do is to eliminate your old debts. However, this is easier said than done. For this you have to make a very thoughtful strategy -

1. First of all you should calculate your income and total loan. This will give you an idea of how you will repay the loan.

2. After this comes the credit card. The reason is that if credit card payment is not made on time, we have to pay interest at very high-interest rates. Not only this, along with the interest rate, a higher penalty also has to be paid. Which also affects our CIBIL score or credit score.

If so, then you should first repay the credit card debt by borrowing from a friend or relative. If this is not possible then you can clear all the bills together by taking a personal loan. Compared to credit card interest, personal loans is available at much lower rates.

3. The full payment of the credit card bill should be made at once. If you keep paying only the minimum balance, you will get completely trapped in the debt trap. In such a situation, it is always advisable to pay the entire bill.

4. If you feel that your expenses are more than your income then you should immediately make your budget. In this, you should identify non-essential expenses. You should see which expenses you can postpone. This will help you in reducing your unnecessary expenses.


5. If your loan is from different places then first of all you should try to transfer the balance. You should transfer all the loans to the lender offering the lowest interest rate. Apart from this, you can think of selling such properties which are of no use to you or which do not generate any kind of income.

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