Tips to Paying off Credit Card Debts in Steps


Pay off credit card debt

Credit cards can get you in deep trouble if out miss your regular payments. The interests on the cards are higher than normal loan interest rates that you will end up paying more than the original price for every item you bought using the cards. If you can’t limit your expenses, try and take advantage of the maximum available offers. Credit card companies offer holiday advantages of up to 50 days of interest free credits. This might be a good time to make a planned purchase for you so you can get extra time to pay the amount back.

  1. Pay more than the minimum amount to paid

Paying the bare minimum amount will mount the interests high over time. This can lead to huge debts if not handled well. It is always advisable to resort to automatic payment options so you will be Ultimate with the credit card payments. That way, you can avoid interest rates.

  1. Balance Transfer Facility

If you happen to have more than one card due,  it might be a good idea to transfer the balance in all the cards to a single card. This will buy you more time to make the payments in full without much interests. This will also get you temporary relief from the dept traps you might be sinking into. You will need to talk to the various companies directly in order to make the transfer.

  1. Pay off the bills with higher interest rates first

If you have more than one credit card payment due, it will be in your best interests you start by paying back the card with the highest interest rates. That could be card which could mount up debts for you if not dealt with on time.  It is a wrong tactic to start by paying off the card with shorter due date. While you are clearing that off, the debt would only be increasing on the other card.

  1. Try taking a loan from a bank at lower interest rates

If you are desperate and wants to get out off the debt spirals as fast as you can , the best way is to avail yourself a loan from a bank at lower inters tea rates. You can use this money to pay off your credit card debts quickly. The interest rates in nationalise banks are lower compared to the credit card providers. Hence you will not be suffering a huge loss in making the decision.

  1. Switch to EMI payments

EMI payments are a recent addition to the debt relief strategies. The EMIs give you a monthly option to pay off the debts, step by step. This could take a long time for you to close off the debt entirely but it will give you enough time to do it in leisure. But getting an EMI on the debt would put the additional interest charges and the handling fees on you to top the debt amount. Yet, it is a method to resort to in desperate times.

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