How To Pay Off Credit Card Debt When You Have No Idea Where To Start

by moin moin

When credit cards are used irresponsibly, they are a surefire way to end yourself in debt. However, if you use your credit card wisely, it may help you meet your financial obligations and provide you with the breathing room you need to manage your finances.

How to Pay Off  Your Multiple Credit Card Debts-

Here are some clever strategies for avoiding credit card debt and managing your card balance:

  • Think about a balance transfer:    If you’re already in a poor debt cycle, a balance transfer, or shifting your debts from one card to another, is the greatest alternative for you.

“Balance transfer enables you to transfer your balance from one card to another or from numerous cards to a single card.” This provides you with brief debt relief. The second bank offers a credit-free period of up to 90 days to make it easier to pay off your outstanding balance. “Once the credit period expires, the cardholder would be charged standard interest,” Adhil Shetty, founder, and CEO of, explains.

  • Convert payment to EMIs:  If you’re having trouble repaying your credit card balance, speak with your bank about changing it to monthly EMIs. Banks, on the other hand, charge a monthly interest rate of 2-3% for authorizing EMIs. A processing fee of 1-2 percent of the outstanding balance will be charged as well.
  • Pay off the debts with the highest interest rate first: This is an important step that many people overlook. When you have obligations on multiple cards, most people will prioritize paying the one with the earliest due date. This is a bad strategy. Prioritize paying off bills on the card with the highest interest rate. Because delinquent dues with higher interest rates gather interest faster, you lower your overall interest outlay this way.
  • Contact your credit card company: If you are unable to pay your bills due to a financial hardship caused by a job loss or other personal circumstances, interest charges will continue to accumulate.

“This could make settling later more difficult. As a result, it is advisable to speak with the bank and explain the issue. If you’re sincere, banks are more inclined to relax their interest-recovery policies or grant interim assistance,” Shetty says.

  • Consider using an Automatic Payment Facility: Because credit cards have high-interest rates and late payment fees, using an automatic payment facility to avoid missing bill payments on time is recommended. You won’t have to worry about missing repayment dates if you’re traveling or don’t have access to your bank because the bill amounts will be withdrawn from your account without your personal action.
  •  Limit the number of credit cards you have:    You may receive offers for new cards from sales representatives visiting your office and from the countless emails you receive from numerous banks.

“The offers appear seductive, and there’s no doubting that credit cards are useful financial tools.” However, using many cards raises your chances of missing deadlines and sliding into debt. Furthermore, the buy-now-pay-later strategy tempts even the most frugal shopper to overspend and splurge on non-essential items,” adds’s CEO.

  • Keep track of your bills on a regular basis: If you file your monthly credit card statements away in a drawer without checking them, you could be in for a harsh awakening. The bank may levy additional fees, or erroneous transactions may cause the due amount on your card to be skewed. Unscrupulous individuals who have obtained your credit card’s PIN or access credentials may be able to carry out fraudulent transactions. These can easily lead to a debt trap.

Credit cards are a fantastic financial tool when utilized wisely. By following the steps outlined above, you can ensure that your credit card payments are completed on time, reducing your risk of financial disaster caused by plastic money.


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