If you have more than one credit card, you can transfer your credit card bill or amount to another card.
You may have to pay interest for 3 to 4% months if the credit card bill is not paid on time.
You can convert your credit card bill to EMI
It is often seen that using a credit card carelessly, it gets you into a debt trap. If you do not pay the credit card bill on time, you may have to pay interest for 3 to 4% months. If you too are caught in the trap of credit card bills by shopping more this Diwali, then we are telling you how you can get out of debt trap.
Use your reward point and cash back
If your credit card issuing bank has not yet generated a bill, you should redeem your reward point. Some banks allow you to pay credit card bills using their reward points. If your bill is not yet generated and you have cashback points, you can use these to pay your credit card bill.
Convert Credit Card Bill to EMI
If you have become a defaulter and are unable to pay the credit card bill, then firstly your CIBIL score will be bad. Although a late payment will not affect that much, but if you have a track record of late payment, it will spoil your CIBIL score. It is important that you pay on time. You can convert your credit card bill to EMI. This will give you less interest. Banks charge up to 2% per month for interest on EMI.
Transfer the loan balance to another credit card
If you have more than one credit card, you can transfer your credit card bill or amount to another card. If you shift the outstanding amount to another card then you get a different credit period. In such a situation, you get extra time to pay without increasing interest.
Apart from this, if you have taken a home loan, then you can also make payment through the facility of Topup Loan. You can adopt this option to repay the credit card dues. Explain that there is no more than 10% interest on a home loan and you can easily get it added in the already running installments. Apart from this, if you have not taken a home loan, then you can also repay your credit card dues by taking a personal loan.
Loan against investment
If you have invested in a Fixed Deposit (FD), PPF or Mutual Fund, then you can take a loan against this investment as well. In this way you will get a loan at a lower interest. With this, you will be able to pay the credit card dues, and you will not have to bear much interest.