- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
Identify the Credit Card Debt
The foremost thing that is to be done is identifying the problem of a credit card debt. Secondly, you should understand that trying to go away from this problem will not bring in any solution. Whenever you receive the statement of your credit, the primary thing you should be doing is the calculation of the amount that is outstanding and yet to be paid.
The next thing that can be done is to have a word with the issue and check if the term of repayment can be relaxed. Usually, the lenders will not want to lose their customers, so they will definitely figure out a way to it.
What Happens If an Individual is in a Credit Card Debt
One month’s due payment leads to another month’s double payment that is due. So it is a consecutive burden on an individual on a monthly basis. If you keep on paying only the minimum amount that is due, then you will slowly get trapped in a vicious debt cycle.
If your credit card debt is high, your CIBIL Score will come down till you have cleared the dues related to the balance that s outstanding. Therefore, it is very important to use the credit card cautiously, so that one does not get into the credit card debt.
Creditseva will help you take suggestive actions while dealing with your credit card debt so that you will be eligible for new credit cards and loans from various banks. This will in turn improve your credit score and make you eligible for new credit card and loans.
How to Deal with Your Debt
You will have to think of a solution if the lender has refused to help you in resolving your debt. The first option that is feasible is the liquidation of few of the assets belonging to you. The next option that can be tried is taking a loan from any of your family members so that you can pay the dues. If both the first and second option cannot be opted by you, then you should go for taking a personal loan.
The rate of interest that you will be paying on a personal loan is usually less than the rate of interest you will be paying on your credit card. The last option that is feasible is considering the transfer of the debt to another card which will not charge you a higher rate of interest.
Strategies to Come out of Credit Card Debt
Keep Checking and Monitoring Your Expenses:
- It is good to avoid a lifestyle of spending lavishly on every occasion. If you are an individual who has the habit of spending without any limit every time you go out, then you should start thinking about your spending habits.
- If you do not have any control over your credit card usage, then you should avoid carrying your credit card with you wherever you go out for shopping. By doing this, you will be able to have a control over your spending habits and spend limited cash.
Plan Your Repayment Carefully:
- While taking a credit card, always look for its repayment terms, the annual as well as processing fees and the interest rate. Whenever you are using your credit card, make sure that you have sufficient balance by the month end so that you can make the repayment of the balance that is outstanding. It is not recommended to carry forward the balance of one month to the next month.
- If you carry forward one month’s balance to the other month, you will face the shortage of funds while repaying the amount that is due. Using a credit card in a proper way is very important because if your credit card dues are not cleared on time, your credit score will lower down and you will face financial troubles in future.
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