Reckless usage of credit card could lead to accumulation of a debt chain if not paid-off from time to time. If the following steps discussed later in the article are pondered upon it could lead to a faster debt relief.
Pointers to faster pay-off
Following are the pointers which if considered could help in faster debt payments:
- Transferring the balance:
If one is caught up in a vicious debt cycle then an option of transferring some of the bank amount balance from one bank account to other might be a good option to pursue.
Through this option one can shift their balance from one card to another and bring the balances of multiple cards in single card which might accumulate to form an amount big enough to pay-off the debt.
- Converting to EMI’S: if repayment of loans is becoming difficult then the borrower can ask their creditor to convert the full loan repayment into EMI’S. However, it can lead to an interest charging of generally 2-3% on the installment amount.
- Tackling the debts with high interest rates: it is advisable to pay-off the debts which have an high interest rates over them as the accumulation of these might even increase the payable due amount.
- Watch-out for the holiday period: holiday period is a period which could be taken advantage off. During the holiday periods there are certain offers and lower interest rates on pay-off which could make debt relief
- Limiting the reckless usage of the credit cards: credit cards are though great for usage their unlimited usage could land one in trouble. If the number of cards and their reckless usage is increased it could lead to great debts which might become difficult to pay-off therefore the number of credit cards should be limited only to the required usage.