5 Smart Tricks To Handle Your Credit Card Debt
Bangalore: Credit card debt is an instance of unsecured consumer debt, incurred through credit cards. The circumstance of debt mostly arises when too much purchase or services are taken and payment is done through the credit card. Most of the time people fail to pay the amount on time and start accumulating debt and the amount further surges up via interest and penalties.
While most of you end up struggling to overcome your debts, here are few of the smart tricks you may use to shed off your credit card debt.
1. Use Balance Transfer Facility
Almost all the credit card issuing companies provide the facility of balance transfer. Through this facility one can transfer the overdue or debt amount of one credit card to another credit card, which is less used or may be a new one. The balance transfer to the new or less used credit card decreases proportionately to balance transfer amount.
For instance if your credit card limit is 25, 000 and you opt for a balance transfer of 10, 000, your credit card limit will be lowered to 15, 000. But you should note that the balance transfer amount should go beyond 80 percent of your credit limit.