currently I have about Rs.35000 Credit Card Debt. My monthly salary is Rs.15000/- and monthly expenses around Rs.10000/-. I want to pay the credit card debt at the earliest. Any tips?
2006-10-05 22:00:52 · 15 answers · asked by MC 1 in Business & Finance ➔ Personal Finance
By using services from a debt relief organization you will stop receiving phone calls asking you for money. You will pay a fixed rate amount every month which will never go up. You won't be dealing with your creditors any more. The "debt relief people" will be paying your bills for you, and your credit card company is out.
You then pay the debt relief company.
lots more here:
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
http://credit-cards.ebookorama.com
good luck!
2006-10-06 14:40:12 · answer #1 · answered by ken_voss12345 4 · 1⤊ 0⤋
Your personal financial history seems to be okay since you are making a saving of Rs. 5000/- per month. Apart from following better financial discipline in the future here are some things that you can do immediately to reduce the burden of your credit card debt:
1) Take another card which offers a balance transfer facility at a zero cost for about 3 months. Some banks offer this facility. a quick research on the net will tell you which banks offer this facility in India. This will give you instantaneous relief for a short while. Make sure you do not use the new credit card to run up fresh debt or the entire planning will go for a toss. Also make sure you pay whatever you can on your existing credit card till the balance transfer actually happens from the new card in order to avoid being reported to the credit Bureau for default which will ruin your chances for any fresh loans in the future
2) During that period of free credit tie up a small duration personal loan (not more than 6-12 months). In fact most banks will be happy to convert your credit card debt into a 6 month personal loan at a much lower interest rate which will again enable you to pay off your debt in a finite period. Again the caveat is that you do not run up fresh debt on your newly released limit on the existing credit card.
3) Best of luck with your quest for a worry free financial future
2006-10-06 18:45:03 · answer #2 · answered by CEO Apnapaisa 1 · 0⤊ 0⤋
First & Foremost u want seriously to be helped. Then listen stop reading all the crap answers. Anyone can advise good conduct, control, etc etc. Who can come to ur rescue. U should know how to count on them and get rid of all ur problems.
Read this story carefully. A friend of mine has atleast 10 credit cards, he has been paying promptly. He mixed his official and personal expenses. His card bills run into lacs a month. One day he was framed by the very company he loyally sweated blood.
He was arrested for no sin / crime. some hungry criminals within the company framed him. His financial world collapsed. his life shattered, the credit card company started chasing him. He did this blunder. Instead of seeking professional help considering his problems, he started paying one card after another. He stopped using cards. He wanted to get rid of the debts which actually owed by his company.
Still he was sincere, he kept paying, paying, paying paying, he realised the debts were never over, he believed the collection agents criminal goondas and settled lump sum, even recieved closure of card letters, still after some time again the account started showing some debits and then add on on on on, He got vexed, when he was attending court cases on the false cases by his company (away from Chennai), The credit card company sent goondas and threatned his family. When he came to know this, he was totally disappionted, and finally someone led him to a good Maturted lawyer. his life started to a new turn. The lawyer listned carefully and informed him that he should have come earlier and should not have settled the card companies bills. Read the previous sentance some 100 times to know the truth.
The lawyer sent notices to the credit card companies and asked for detailed accounts and the charges the add and the interest they charge. Believe me none of the credit card companies sent reply, they in turn hired their own bunch of lawyers and demand settlement. Then his lawyer filed cases in the civil court demanding the credit card company all account details, Interest details. They are still and yet to answer. Meanwhile the lawyer also filed a police compalint on the goondas. They stopped visiting houses/office and phone bells dead. The lawyer then explained. The indian law is obscure on credit cards and that is the reason these companies fleece. literally fleece. so nothing to worry. As they cannot charge huge interest as it will become usuary. And they have no business to charge u in any manner whatever they name it. Once u ask this they come for a settlement. Do not go for a settlement. Let ur lawyer deal that.
Also please note cresit rating for individuals go like roller coaster, so it does not mean u must end up only low. If ur financial case is genuine and u could not pay, then there are proper laws which come to ur aid and u can get rid of the debt. So use ur brain. My freind is now happy, the lawyer saved him and also exposed how the credit card company fleeces its customers. So head to a good lawyer he will handle it.
2006-10-05 22:51:07 · answer #3 · answered by Loganathan Raja Rajun R 3 · 0⤊ 0⤋
You have not indicated whether you have any other loans. With your monthly salary at 15000.00, getting a personal loan to clear the outstanding in the credit card should not be difficult.Avail a personal loan, clear the credit card dues and cancel the credit card.
2006-10-06 03:31:08 · answer #4 · answered by cvrk3 4 · 0⤊ 0⤋
Do NOT cancel your card.
Do NOT take a Personal Loan.
Call your Bank and request them to convert this outstanding into a Personal Loan.
Stop taking any more loans. If required borrow from friends and relatives. Build your credit record. Still better build a discipline with regards to money.
Wish you all the best
2006-10-06 18:37:33 · answer #5 · answered by rafique p 1 · 0⤊ 0⤋
Cancel the card first and take a loan for a less interest and pay it immly. Keep a track on your monthly expenses and try to reduce unnecessary expenditures.
2006-10-05 22:27:34 · answer #6 · answered by sandhya 1 · 1⤊ 0⤋
Personally, I would recommend http://www.debtsettlement.com. They have experts that can go over all sorts of options including combining your bills into one loan, getting a 2nd mortgage, refinancing and more. Now is actually the best time in years to do this because of the housing market bubble burst.
2006-10-08 19:53:09 · answer #7 · answered by Bryan A 2 · 0⤊ 0⤋
HELLO!!!
You just need more coming in (second job, or better paying job), and less going out!!
It's called a budget!!!
You could also look into a debt consolidation plan, but that will only go so far.
2006-10-05 22:53:19 · answer #8 · answered by iamwhoiam0 1 · 0⤊ 0⤋
get a personal loan. it costs much lesser. pay off ur debt to cards & close the card a/c
slowly pay the personal loan & never go on psending spree on a card
2006-10-05 22:25:14 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Switch to a low rate credit card. That way, you will pay less in interest.
2006-10-05 22:37:02 · answer #10 · answered by Justin 1 · 0⤊ 0⤋