take a personal loan which is lot more cheaper option compared to credit card so that you will be able to get out of the bad debt trap easily.it will also improve your credit score
You can have a debt consolidation loan only if you have a good credit score. However, if you do not have a good credit score, you should at least pay off the minimum amount due every month and stop using the card so long as the debt on the card is repaid in full. This is because if you continue using the card while repaying off the old debt, you may fall in debt trap.
Hey i agree with the ensurepune you can apply for the personal loan.hey if you work for a particular company they will give you a loan at cheaper rate.otherwise you can ask for EMI so that you can pay in installment monthly so whatever the interest rate is added in the monthly installment.and uptill you don pay your bill you should stop using your card.
hey there is one more option you can do is that balance transfer.you can switch your credit card.if you owe the debt of the bank and you opt for the credit card to other company then that company will pay your debt to your bank and then this company will charge you the debt at low interest rate. just check out with the bank.
hey there is one more option you can do is that balance transfer.
hey you can do this as it is one of the good option but it will offer 5-10% help.
surely to get out of this bad debt trap you will have to go for a good financial planning (any professional financial planner can get this done for you for cheap rates. search anyone who is local)
Then stick to it.
No matter what happens but it is really a discipline which will eventually bring you out from the debt nothing else.
You can't get out of debt by borrowing money. :wink:
Ya this also a good option if you hire some good financial planner they may help you to get out of the trap.you can just try.you can just try find out which can help you at cheaper rate.
There are a few steps you can take to get you out of this mess easily. First would to transfer this entire balance to another card at a lower rate. As stated above getting a personal loan would be great and end your troubles the fastest, Thats if you qualify for a personal loan. Paying off your bills month to month is good except for the fact the interest will keep stacking up.
if you are employed, try to ask your human resources and check whether govt affiliated units provide salary or personal loans. In that way you can pay your debt that has a high interest rate compared to government loans which has a lower interest rate. It's somehow a shift of loan.
That's a good idea!! :) Actually..some Military loans are like that. It's called a TSP (Thrift Savings Plan) savings account. You put so much money in it, from your Military pay. You can also barrow aqainst it, if you have to. And..you pay yourself back a good amount of % on the loan, as well. I know because I do this (yep..I'm in the Military).
Paying only the minimum amount on the credit card will take a very long time to pay it back fully. Take a personal loan or call up the credit card companies & request them to consolidate your debts if possible.
If both options are not available, then pay off the credit card with the highest APR (%) & settle it off. Then take on the next card. This way you can clear all your credit card bills. But do remember to pay the other cards minimum amount.
take a personal loan which is lot more cheaper option compared to credit card so that you will be able to get out of the bad debt trap easily.it will also improve your credit score
You can have a debt consolidation loan only if you have a good credit score. However, if you do not have a good credit score, you should at least pay off the minimum amount due every month and stop using the card so long as the debt on the card is repaid in full. This is because if you continue using the card while repaying off the old debt, you may fall in debt trap.
Hey i agree with the ensurepune you can apply for the personal loan.hey if you work for a particular company they will give you a loan at cheaper rate.otherwise you can ask for EMI so that you can pay in installment monthly so whatever the interest rate is added in the monthly installment.and uptill you don pay your bill you should stop using your card.
Regards
----------------
Aby
hey there is one more option you can do is that balance transfer.you can switch your credit card.if you owe the debt of the bank and you opt for the credit card to other company then that company will pay your debt to your bank and then this company will charge you the debt at low interest rate. just check out with the bank.
Regards
---------------
Aby
hey there is one more option you can do is that balance transfer.
hey you can do this as it is one of the good option but it will offer 5-10% help.
surely to get out of this bad debt trap you will have to go for a good financial planning (any professional financial planner can get this done for you for cheap rates. search anyone who is local)
Then stick to it.
No matter what happens but it is really a discipline which will eventually bring you out from the debt nothing else.
You can't get out of debt by borrowing money. :wink:
Ya this also a good option if you hire some good financial planner they may help you to get out of the trap.you can just try.you can just try find out which can help you at cheaper rate.
Regards
-------------
Aby
There are a few steps you can take to get you out of this mess easily. First would to transfer this entire balance to another card at a lower rate. As stated above getting a personal loan would be great and end your troubles the fastest, Thats if you qualify for a personal loan. Paying off your bills month to month is good except for the fact the interest will keep stacking up.
if you are employed, try to ask your human resources and check whether govt affiliated units provide salary or personal loans. In that way you can pay your debt that has a high interest rate compared to government loans which has a lower interest rate. It's somehow a shift of loan.
credit
That's a good idea!! :) Actually..some Military loans are like that. It's called a TSP (Thrift Savings Plan) savings account. You put so much money in it, from your Military pay. You can also barrow aqainst it, if you have to. And..you pay yourself back a good amount of % on the loan, as well. I know because I do this (yep..I'm in the Military).
Credit card repayment..
Paying only the minimum amount on the credit card will take a very long time to pay it back fully. Take a personal loan or call up the credit card companies & request them to consolidate your debts if possible.
If both options are not available, then pay off the credit card with the highest APR (%) & settle it off. Then take on the next card. This way you can clear all your credit card bills. But do remember to pay the other cards minimum amount.