Home » Business & Economy News » Credit Card Payment Dues: Tired of paying pending dues? Here're 5 useful tips to get rid of credit cards debt fast!

Credit Card Payment Dues: Tired of paying pending dues? Here're 5 useful tips to get rid of credit cards debt fast!

Speed News Desk | Updated on: 5 May 2019, 14:58 IST

Credit Cards are a very useful tool to make transactions when there is a lack of finance and we have an urgent need for financial aid. One can enjoy the benefits on the credit card transaction offered by the bank like cashback, discounts or reward points. However, sometimes we forget to manage the credit balance and spends beyond the financial capacity that same credit cards becomes a headache for us. Paying the backdated balance dues and pending EMIs are the biggest challenges for the Credit Cardholders.

Unlikely, earlier now it is very easy for an individual to get a credit card—like people with a salary of Rs 15,000 - Rs 20,000 can become a credit cardholder. Well, the way it comes with offers, benefits and financial aid for us, it also ends up becoming a severe headache. It is very important for every credit card holders to clear the due payments on time or it will come with a host of charges, which will make your repayment even more burdensome.

Once you are getting trapped in the dues of credit card it might become expensive for you to pay the bills as the bill you’ll receive every month will come with the balance due and a huge interest rates. You may have to pay interest rates in the range of 36-48 per cent on the outstanding balance of a credit card.

So, if you want to get rid of the huge credit card bills and get out of the debt trap, here are some worthy tips to maintain your credit score.

1. Keep Eye on Your Credit Card Statement:

You need to remember the billing date of your credit cards so that you analyze your expenses and plan to pay the particular bill amount. You need to pay it on time to avoid interest rates. However, to pay the credit card bill you get around 28 days relaxation. Within these days you can pay the due amount.

2. Pay Credit Card Outstanding on Time:

To avoid huge interest rates, it is mandatory for all to pay out the credit card outstandings on the due date. If you plan to push it for the next date, then this is something you should surely avoid as it will become more difficult for you to pay the bill including interest.

3. Smart Utilisation Of Your Card:  

You need to keep eye on your credit card limits and also to your pocket. Keep a complete record and watch on your expenses. Swiping card every now and then is simple but when it is about paying the debt, it becomes a severe headache.

4. Opt EMI options to avoid high interest:

If you are swiping card for big amount, you should go for EMI options as the amount will get divided into 3-6-12-1-24...etc part making it easy for you to pay the bill on time and no interest rate hectic.

5. Atleast pay the minimum balance of due statement:

If you are unable to pay the whole due amount then you should go for the minimum due balance. By paying the minimum due amount, it will reduce your chances of interest rate and burden for the next month.

Also read: Attention! RBI to issue new Rs 20 notes soon in greenish-yellow colour: Here’s all you need to know

First published: 5 May 2019, 14:58 IST