5 Smart Tricks To Handle Your Credit Card Debt

3. Convert Your Outstanding Debt into Easy EMIs

Almost all the banks permit to convert the outstanding dues into cut-rate loans such as personal loans which are easily repayable through suitable EMIs.

The card provider on average switch the outstanding due on your credit card into EMIs i.e. equated monthly instalments divided over six months to three years. You can either opt to convert the complete overdue amount or certain big purchases into EMIs. But at the end it completely depends on the card issuer to accept or reject your appeal.

Factors that will affect your application are your relationship with the bank. For instance if you have paid your dues on time in preceding cases and maintained a good credit score, it will increase your chances to get the green signal from the bank. Once the bank that issued your card decides to switch your outstanding amount or debt amount into EMIs, your credit limit will reduce to that extent and gradually improved by the amount you pay back with each EMI.

Also Read:

5 Stress Busters to Lighten Your Debt Worries

18 Post-Budget Tips to Save Your Taxes