Credit cards have always had extra facilities compared to a debit card, but it also possesses the element of risk. There is always a risk of overspending and you may use your credit card to spend money that you do not have. This is treated as a loan from the bank the credit card has been issued by and you owe the bank the money you have overspent. While some may be easily able to pay off their credit card debts, it may become a nagging liability for others who cannot pay off the debt. There is no need to panic as of yet. If you are struggling with credit card debt, here are some solutions that can help alleviate the burden.
Convert bill into EMI
Many times if you do not pay your credit card bill on time, you have to pay a huge penalty and interest. To make things a bit easier, credit card companies give you the option of EMI, through which you can pay off the outstanding money in easy monthly instalments. This can reduce the burden of debt on you.
Use the balance transfer facility
Balance transfer facility allows you to send your existing credit card dues to another credit card. If you have a lot of debt on your existing credit card, then you can transfer the outstanding amount of this credit card to a credit card of another bank. Before transferring the balance, you should find out the charges of the new credit card company or bank.
You can take a personal loan to pay the bill
If you have a lot of debt on your existing credit card, then apart from EMI and balance transfer, a personal loan can be an option for you. Usually, the interest rates of a personal loan are much lower than your credit card debt. This option can be especially helpful for those who have a large credit card debt.
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