opening too many credit cards has ruined my finances

[random1229]

Back in 2020 i started watching technofino and got intrigued by cc community i was 19 at that time. took a fd an opened my first cc under sbicards. used that card and cards after that to make more cards right now with like 11 lacs combined with zero income in 2024. i used to use methods like upi payment and apps to pay cc bills with my other ccs and used to juggle between them with 0% interest. last two months i was MIA in remote location for vacation. didnt use my phone much. now the interest and charges that incurred were crazy idk how ill pay it back as my cards got closed too. Im a active user in this forum hence using this alt account to post.

 

[sxchzy]

then close it

 

[poseidon07]

This is the case study for "Exactly what not to do" while using or getting the credit cards.

 

[SplendorSuperman]

Only option : Clear dues
You should have paid bills before heading off to vacation.

 

[Tejo]

Im a active user in this forum hence using this alt account to post.

I have an advise for you, dm me

 

[doraemon]

Most important rule is paying bill on time
As all here knows that cc has highest interest rate on non payments

Always try to pay higher than bill
Like I keep 100 extra in my cc so that in case I used the card for 10-20rs transaction and forget that
I will not be affected

 

[RAMESH BABU N]

11 LAKH cc LIMITs - NO INCOME ?

What the hell is happening ?

How could this happen without his parents knowing about this ? Strange to see this happen.

 

[doraemon]

Back in 2020 i started watching technofino and got intrigued by cc community i was 19 at that time. took a fd an opened my first cc under sbicards. used that card and cards after that to make more cards right now with like 11 lacs combined with zero income in 2024. i used to use methods like upi payment and apps to pay cc bills with my other ccs and used to juggle between them with 0% interest. last two months i was MIA in remote location for vacation. didnt use my phone much. now the interest and charges that incurred were crazy idk how ill pay it back as my cards got closed too. Im a active user in this forum hence using this alt account to post.

Hey can u talk in numbers so that we have an option to suggest

 

[Shoxie]

then close it

Well I'm not really sure what's the point of this comment..

 

[random1229]

Hey can u talk in numbers so that we have an option to suggest

my current dues are around the range of 4 lacs including interest and charges. Im looking for a way to pay just the principal amount without interest and charges and close all of the cards.

 

[random1229]

I have an advise for you, dm me

i cannot dm you can u dm me

 

[doraemon]

my current dues are around the range of 4 lacs including interest and charges. Im looking for a way to pay just the principal amount without interest and charges and close all of the cards.

U will have to pay all
Later if it's first time can request for reversal


@its_karan @VISHESH_BANSAL @SSV @DocFixIt
Help this brother

 

[dealminer]

my current dues are around the range of 4 lacs including interest and charges. Im looking for a way to pay just the principal amount without interest and charges and close all of the cards.

What's the principal amount out of 4L?

 

[random1229]

What's the principal amount out of 4L?

i havent calculated but should be around 3.5 ish spread across 4 cards

 

[Transpointer]

Shouldn’t have come back from the vacation bro

 

[Nishan11]

Credit card can be one hell of an addiction. If one dont have stable source of income, don't think about credit cards. If necessary take secure card so you will always have FD to pay off.

 

[Zacobite]

my current dues are around the range of 4 lacs including interest and charges. Im looking for a way to pay just the principal amount without interest and charges and close all of the cards.

options :

1) Tell your parents - pay all dues in fulllll and then negotiate for cibil reversals- PREFERRED

2) Pay minimum due to start with - speak to bank and start clearing dues over next few months- negotiate a pay plan

3) Negotiate a settlement with banks, close all dues and get cibil masked - most expensive and will take lots of negotiation

You may get short cut ideas from others .. will drag you deeper into the mess.. Your whole life is ahead.. dont sc***w it up

 

[doraemon]

options :

1) Tell your parents - pay all dues in fulllll and then negotiate for cibil reversals- PREFERRED

2) Pay minimum due to start with - speak to bank and start clearing dues over next few months

3) Negotiate a settlement with banks, close all dues and get cibil masked - most expensive and will take lots of negotiation

Option 1 is anytime preferred as told by zacobite
Option 3 should be last resort

I am wondering how come a person at 19 with 0 income in hand can get 11 lacs limit worth of cards

Earlier time was great when credit cards was luxury item and was seen as bad thing in middle class
And rules and eligibility were strict as well

I am 20 and have only fd card that too of 5k limit and I feel that enough for me as of now

 

[Nishan11]

options :

1) Tell your parents - pay all dues in fulllll and then negotiate for cibil reversals- PREFERRED

2) Pay minimum due to start with - speak to bank and start clearing dues over next few months

3) Negotiate a settlement with banks, close all dues and get cibil masked - most expensive and will take lots of negotiation

Agree, first inform your family & try to negotiate with bank to reverse extra interest charges as it was your first time. If they agree good, if not pay all with help of family, friends or relatives & close all credit cards.

It's easier to deal with family anger & embarrassing situation infront of relatives & friends, then giving high interest charges to banks in long run.

 

[Shubham Yadav]

I am wondering how come a person at 19 with 0 income in hand can get 11 lacs limit worth of cards

Read first line back in 2020 at the age of 19

Now he/she is 23 currently (I suppose)