Credit card dues have become a debt mess, what to do now and how to get rid of this problem? Know here

In the last few years, the trend of using credit cards has increased rapidly. It is very convenient. If you do not have money, you can fulfill your needs with the help of a credit card. Whatever amount you spend on a credit card is like a loan. But you have a grace period to repay this loan. If you repay the loan in that grace period, then you do not have to pay interest on the amount spent on the credit card.

But if this grace period is missed and you are unable to repay the loan amount, then you may have to pay a lot of interest. In this process, a person gets trapped in the debt trap. If something like this happens to you too, then know here the methods that will prove to be helpful in getting you out of the debt trap.

Convert bill to EMI
If you have become a defaulter and are not able to pay the credit card bill, then this will affect your CIBIL score. You should convert the credit card bill into EMI. The advantage of EMI is that you will not have to pay the entire amount of the credit card bill in one go and your financial burden will be reduced.

Top up loan
If you already have a home loan, you can take a top-up loan on it. A top-up loan is a loan in which the bank gives additional money on your existing loan. It is like an add-on facility that the bank provides to its customers. With this, you can easily repay your credit card loan.

Loan against FD, PPF, LIC
If you have invested in FD, PPF, LIC or any scheme which offers loan facility, then you can take advantage of this facility. In this way, you will get a loan at a low interest rate and you will be able to easily pay the credit card dues. This will also not spoil your budget.

Transfer the balance to another credit card
If you have more than one credit card, you can transfer the credit card balance to another card. The advantage of this is that you get different credit periods. This way you get extra time to make the payment without increasing the interest. There can be two ways to transfer the balance. The first way is that you have to call the customer care of the bank and get the balance transferred from them. The second way is that you can transfer the balance yourself from the bank's app or website.