Authentic 5 options to choose from, if one is in dismal situation regarding credit card dues.
One of the most profound fiscal problem is credit card dues. Almost all people around us use credit cards and one and all are much worried regarding the rising debt. The usage of credit cards has made our shopping quite easy and helps us in all sorts of emergency situation. Well, it might be a problem if a person goes on paying just the minimal amount each month.
If anyone has broken his/her estimates, it is high time for them to move in the correct path now, here, in this piece of write up, we will be dealing with some options which might come useful for you, my reader.
1. A person may take up a personal loan in order to get out of the loan produced by credit card. This may not be quite appealing, but there are certain print that can be considered. The credit card interest rates are in all way higher if compared to a personal loan rate.
2. The next which is coming in the row, can be taken up seriously. A credit card debt has it’s lucrative rates around 36%-40% and interest from investment yields only ½ of the above-mentioned rate. One may easily break out the FDs or any other low earning investments for paying off the credit card debt.
3. Division of the total credit card dues to be paid equally each month can be a great option under this list. EMIs have been a wise option to opt for, in order to get rid of the credit card dues.
4. Snowball is the option which here we are going to deal with next. If anyone of us are very much desperate to overcome their credits and get back on to his/her financial track, s/he may opt for snowball. Under this process, the cardholder pays off all the backlogs or dues in a steady way one after the other for getting rid of the burden produced by the factor “repayment”. If the person using this technique pays off the smaller payments at initial stage, then also the credit score is going to improve for that cardholder and therefore get itself reflected in the ratio of credit utilization.
5. Another way out to get easy with the credit card debts is to avail a top up loan. Leaving apart personal loan, a cardholder can also ask for a top up loan. Also, it can be taken along with the ongoing home loan. Just, this loan will look whether the person getting the grant of it has been fairly well with the home loan for minimum of 2 years and above.
So, these were the top 5 options which any one of us may avail to get away with the credit card dues for once and for all. Thank you so much for reading it to this end, hopefully, I have helped you deal with it at ease. If yes, please provide us with your valuable comment in the box. Take care!