Credit Card: Credit card can get trapped in the trap of heavy debt, you would not know these harmful things!
Credit Card: A credit card may be useful when there is no money, but it has many such disadvantages, which can trap you in the trap of huge debt. If it is not used wisely, then there can be a big problem. There are many disadvantages of credit cards, if ignored, you can get into trouble. Let us know what are those things, should not be ignored and how to avoid them.
Do not ignore these things of credit card
There are many such things related to credit cards, which people often ignore and banks do not give much information about it. In this, there can be many problems like the high-interest rate on late payment of credit cards, account blocks on default of payment, and huge debt. In such a situation, you can take some special measures to deal with these problems.
Make payment within 40 to 50 days
40 to 50 days is given for payment of credit card bills. If the payment is not made during this period, then you may have to pay a higher interest rate. The bank or credit card issuing organization charges you an interest rate of 30 to 36 per cent. In such a situation, you will have to pay more charges for the money which you were going to pay for free.
A bank account can be blocked
If your savings account and credit card account is the same and you have got a credit card made from the same bank, then your account may get blocked if you do not pay for it. Will not be able to withdraw money due to an account block. The account is blocked only if there is a delay of 2 to 3 months. CIBIL score can also be bad due to non-payment.
Can be huge debt
If you are using credit cards everywhere and not paying the credit card bill then the debt can increase. In such a situation, it is important that whenever you are using a credit card, use it only for essential purposes.
Saving will be affected
Excessive use of credit cards will affect your savings. You will be so busy paying its bill that it will be difficult for you to save. After filling out the bill, you should check your credit card balance etc. whether your paid bill has been paid or not.