How To Pay Off Credit Card Debt?

News About Credit cards In India

Credit cards serve as a solution to most of your purchases and problems. With the advent of a wide range of cards offered by major banks, you can pay for anything and everything with your credit card, even groceries.

These cards are a solution, yes, but only when used smartly. If you get your hands on a credit card and you go for a shopping spree, that's not spending wisely. Your card just becomes a liability at the end of the month with a huge bill to pay off.

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Credit card bills adding up on a monthly basis and not being able to pay in full has become a common occurrence for most people nowadays. Due to this, every month, your bill adds up to the previous months resulting in a large debt which needs to be paid.

This is if you have one credit card. If you hold more than one, if you do not spend wisely, you have multiple debts which hits your monthly budget as well as your credit report.

Credit card debt cycle is an actual term given to this where you might end up spending more with a credit card in hand. This leads to a huge credit card bill, probably more than what your budget is. This, in turn, results in borrowing money in the form of a loan to pay off these debts. Hence, a cycle.

7 Ways by You Can Pay Off your Credit Card Debts.

Make a note of all the debts to be paid.

Instead of looking at your credit card bill at once, which is a lot, break it down into smaller parts. This helps you to categorize it. If you hold more than one credit card, it is advisable to pay off the bill which is on priority.

Prioritizing

It is advised that you pay the credit card bill which has a higher rate of interest rather than the one which has a higher amount. This will save you from paying a large sum of money due to accumulated interest in the coming months.

Paying the card bill with the least balance

Once you pay off the credit card bill with the higher interest rate, you can switch to the card with the least balance pending.

Getting a credit card with low APR

In India, there are no credit cards which have an Annual Percentage Rate of 0% like in the United States of America. These cards are used for a credit card balance transfer. During the period of 0% interest charged, the cardholder can pay off all the pending bills.