5. Take a personal loan

Loan against gold and loan against property will have lower interest rates than the interest rates you pay on the credit cards. If you are not able to pay the debts of your credit card then better close the account and opt for a personal bank account. That is because the personal loans will have 3 percent less interest compare to the credit card.

A personal loan offers a structured repayment plan. This is a big advantage when you are paying off debt. When you are borrowing you exactly know how much you have to pay each month and when the debt will be repaid unlike credit cards.

6. Convert to EMI payments

Some banks also offer their customers with EMI facility. However make sure that you don’t skip because this will again lead to high interest rates.

Banks offer interest rate between 18 - 24 per cent per annum to their customers when they opt for EMI.

Also Read:

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