Credit Cards come as immediate financial aid for middle-class people during a cash crunch. However, it is important for cardholders to manage the credit balance and clear-off pending dues on time. If one fails to pay the dues on time, it becomes a big problem to get rid off it.
Recently, in a horrifying incident, a 34-year-old man allegedly committed suicide by jumping off the terrace of a building in Delhi over his credit card debt of Rs 8 lakh. In the incident, which took place in east Delhi’s Jagatpuri, deceased's wife and four-year-old daughter were injured.
The man took his four-year-old daughter to the building's terrace and jumped off holding her in his arms. His wife was following him and when she saw it, she also jumped off the terrace. The man died on the spot while the daughter and wife are undergoing treatment at GTB Hospital.
After one gets trapped in credit card dues it becomes a headache to pay off the bills that comes with huge interest. So, one needs to clear his dues on time. Here's how you can get rid of dues before it's too late:
- Eye on Credit Card Statement:
To avoid huge interest, users need to pay the bill on or before the last date. As we all know, to pay the credit card bill banks give customers around 28 days of relaxation.
- Choose EMI options to avoid high interest:
If an individual is paying a big amount through credit card, then monthly EMI option is the best way to minimize it as it will get divided into months--like 3-6-12-24...etc. Monthly EMI option makes it easy for one to pay the bill on time and no interest rate hectic. To convert bills into EMI customer need to contact the bank and ask to convert the amount in EMIs.
- Plan Utilisation Of Card Use:
Individuals need to keep an eye on credit card limits and dues pending. Keeping a complete plan, record and watch on expenses reduces the burden and also make it easy to clear dues.
- Pay Credit Card Bill on Time:
It is important for credit card users to pay out outstanding bills on or before the due date. If one plans to push it for the next month, then it becomes more difficult for customers to pay the bill that comes up with interest. Notably, banks give around 45 days to pay off a particular transaction amount with ZERO interest rate (Non-EMI transaction).
- Pay off minimum balance of the due statement:
If one cannot pay the entire credit card bill, then one can opt for minimum balance due option. By paying the minimum due amount, it reduces the burden for the next month and heavy interest. In fact, it will also help you maintain a good credit score.