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montysona2000
Joined: 23 Feb 2009
montysona2000's page
Posts: 1
32 Magic Points
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Subject: regarding credit card
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Mon Feb 23, 2009 5:41 pm
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| had some financial problems last year due to which couldnot clear credit card should take loan to consolidate or carry on paying bit by bit |
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ensurepune
Joined: 17 Feb 2009
ensurepune's page
Posts: 74
22 Magic Points
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Tue Feb 24, 2009 5:32 am
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| take a personal loan which is lot more cheaper option compared to credit card so that you will be able to get out of the bad debt trap easily.it will also improve your credit score |
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scott
Joined: 28 Jun 2006
scott's page
Posts: 462
10934 Magic Points
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Tue Feb 24, 2009 10:55 am
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| You can have a debt consolidation loan only if you have a good credit score. However, if you do not have a good credit score, you should at least pay off the minimum amount due every month and stop using the card so long as the debt on the card is repaid in full. This is because if you continue using the card while repaying off the old debt, you may fall in debt trap. |
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aby
Joined: 29 Jan 2009
aby's page
Posts: 34
114 Magic Points
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Wed Feb 25, 2009 6:41 am
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Hey i agree with the ensurepune you can apply for the personal loan.hey if you work for a particular company they will give you a loan at cheaper rate.otherwise you can ask for EMI so that you can pay in installment monthly so whatever the interest rate is added in the monthly installment.and uptill you don pay your bill you should stop using your card.
Regards
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Aby |
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aby
Joined: 29 Jan 2009
aby's page
Posts: 34
114 Magic Points
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Wed Feb 25, 2009 6:45 am
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hey there is one more option you can do is that balance transfer.you can switch your credit card.if you owe the debt of the bank and you opt for the credit card to other company then that company will pay your debt to your bank and then this company will charge you the debt at low interest rate. just check out with the bank.
Regards
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Aby |
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ensurepune
Joined: 17 Feb 2009
ensurepune's page
Posts: 74
22 Magic Points
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Thu Feb 26, 2009 3:40 pm
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| hey there is one more option you can do is that balance transfer. |
hey you can do this as it is one of the good option but it will offer 5-10% help.
surely to get out of this bad debt trap you will have to go for a good financial planning (any professional financial planner can get this done for you for cheap rates. search anyone who is local)
Then stick to it.
No matter what happens but it is really a discipline which will eventually bring you out from the debt nothing else.
You can't get out of debt by borrowing money.  |
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aby
Joined: 29 Jan 2009
aby's page
Posts: 34
114 Magic Points
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Tue Mar 03, 2009 6:44 am
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Ya this also a good option if you hire some good financial planner they may help you to get out of the trap.you can just try.you can just try find out which can help you at cheaper rate.
Regards
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Aby |
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GarySnober
Joined: 08 Apr 2009
GarySnober's page
Posts: 67
6 Magic Points
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Thu Apr 09, 2009 2:24 pm
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| There are a few steps you can take to get you out of this mess easily. First would to transfer this entire balance to another card at a lower rate. As stated above getting a personal loan would be great and end your troubles the fastest, Thats if you qualify for a personal loan. Paying off your bills month to month is good except for the fact the interest will keep stacking up. |
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