Easiest Way To Clear Credit Card Debt

Credit card is one of the easiest and convenient ways of paying for goods or service received. A financial institute allows agreed credit limit to their customer to buy goods or service. Bank and financial institute allows small short term loans for specific period and if the customer makes any default in paying the debts in specified period, interest or penalty will be charged on outstanding amount.

Tips for you to clear your credit card debts

If you use credit card responsibly, credit card can be great financial tool and if you use them carelessly, the same can put you in debt trap. You may be looking for best or easiest way to clear your credit card debts and bring your debts under control. Here are some tips for you to clear your credit card debt easily.

Don’t roll over credit: You must pay off your monthly debts in the period or time allowed by your lending company or bank. Roll over of credit will slowly lead you to debt trap. Pay off all your debts on or before due date.

Limit the number of credit card: You may have two or more credit card which makes you difficult to pay its due on or before due date. Limit the credit cards number to one or two and use them responsibly. If you want, you can use two credit cards one for daily purchase and other for bigger purchase. Remember, paying off credit card debt dues on or before due date enable you to get reward points and cash back.

Personal loans: Consolidate your credit card debts and take personal loan to clear all dues. Personal loan is cheaper when comparing the interest rate with credit card. Credit card charges high rate of interest or penalty for your monthly dues.

Loan from family or friends: You can take loan from your family and friends for paying off your debt or credit card dues. The advantage of such loans is they will not charge you interest and you need to pay only principal amount. You need to pay fixed amount in every month and prompt payment will enable you get more help from your family or friends in future.

Stop using credit card: If you are not able to payoff your monthly dues, stop using credit card until you clear all your debts on your credit card. When paying your monthly debts, pay more than minimum amount due in your statement.

If you use your credit card responsibly, your credit card is great financial tool for making payment for goods or service purchased and secured way to book online tickets and deal with online merchants. Remember to payoff your credit card debts on or before due date and never roll over your credit card debts. Prompt payment will enable you to get reward, cash back and increase in your credit limit. Keep your credit card debts under control and get most from your credit card.

Credit Card an Ease Loan for Your Requirement

Credit card provides you short term fund/loan for meeting your immediate requirement. Credit card is also known as world of plastic card which provides you an alternative method to pay cash when making purchase or receive any service. A credit card can be an asset for your business or lifestyle, but if you not handle them carefully they will put you in debt trap.

Credit card is simply a plastic card which enables you pay for transaction or service received. One of the main advantages of credit card is bank or finance companies charge no interest if you make prompt payment. Credit card enables you to meet your personal expenses such as shopping, trip or vacation, world tour, buying home appliance, fund for wedding or for other function, fund for emergency etc.

Main disadvantage of credit card is you become a liability for debts if you spend more than affordable by you. You need to spend only for those which you can make a prompt payment. If you use credit card for unnecessary shopping and spending, you will end to paying more interest for your debt every month.

While choosing credit card you need to choose bank or finance company which charge less interest for your credit and no annual fees or lowest fee for your credit card. Before signing for credit card you need to read terms and condition. Make transaction or spend amount which you can afford to repay. Make good research and contact more banks to know the best offer for your credit card. Never use more credit card two is more than enough for individual use.

Credit card can be best used for paying online transactions, pay your utility bills and your monthly telephone and mobile bills. Credit card enables you travel anywhere without taking risk of handling cash. For example, if you are planning to shop for furniture or home appliance around Rs 50,000/- you need not required to carry whole amount. When shopping you can either use credit card or make partly cash payment and remaining by credit card.

One of the myths in using credit card is users think card will make them liability for huge debts. If you have limited transaction in a month and the bill at the end of month is affordable by you, you can enjoy your shopping, family outing, friends or relatives wedding and even fund for emergency requirement. Learn to budget your monthly expense and manage your credit card efficiently.