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Okay. Relax. It's ok.
First of all, do you have any other card whose limit is equal to or more than Neu card?
If yes, you can withdraw from that card and pay this one. It will bear some 1-2% charges.
If no, convert the trxn into EMI and pay.
I would not suggest to make part payments or take personal loan.
Reat assured, you are not alone. There are enormous people's who have 5-6L or more cc debt and carrying forward since times. It's just matter of few months or yrs.
First of all, do you have any other card whose limit is equal to or more than Neu card?
If yes, you can withdraw from that card and pay this one. It will bear some 1-2% charges.
If no, convert the trxn into EMI and pay.
I would not suggest to make part payments or take personal loan.
Reat assured, you are not alone. There are enormous people's who have 5-6L or more cc debt and carrying forward since times. It's just matter of few months or yrs.
DEEPANGEORGE
TF Buzz
Solution: Try to take loan against shares or loan against gold (if you have shares or gold) and then pay this one as interest rate on this secured loan is 9% to 11% approx..
worst 1) pay 5000 and carry forwarding for subsequent month will be like 50% interest rate on remaining 15k (with reducing interest calculation way in subsequent months as you keep paying 5k again), worst option is this 1st option
bad 2) Personal loan approximately will cost around 12% to 22% usually and its costly loan as well , so hence 2nd option is a bad option
again bad 3) Balance transfer will have processing fees more than 1% which is 12% approx annually if you calculate and credit score degradation will be there too , so its kinda bad option again as well
so all the 3 options you have are DEAD
Final Solution:
4) go with LAS (loan against shares or Mutual funds) or go with loan against gold🙂 which will be only 9%
worst 1) pay 5000 and carry forwarding for subsequent month will be like 50% interest rate on remaining 15k (with reducing interest calculation way in subsequent months as you keep paying 5k again), worst option is this 1st option
bad 2) Personal loan approximately will cost around 12% to 22% usually and its costly loan as well , so hence 2nd option is a bad option
again bad 3) Balance transfer will have processing fees more than 1% which is 12% approx annually if you calculate and credit score degradation will be there too , so its kinda bad option again as well
so all the 3 options you have are DEAD
Final Solution:
4) go with LAS (loan against shares or Mutual funds) or go with loan against gold🙂 which will be only 9%
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cardex
TF Premier
"If yes, you can withdraw from that card and pay this one. It will bear some 1-2% charges." you mean withdraw cash? got couple of other card.. is balance trafer on emi on them is not recommended?
No, by "withdraw" I meant to transfer from cc to bank using rent/education/wallet/ etc etc
cardex
TF Premier
oh do a dummy trxn u mean
helloworld
TF Legend
I would suggest convert to EMI (directly card) and pay monthly EMI as affordable to you.
Not recommended for use rotation because eventually you'll be with hefty debt woth thoss habits.
3, not needed because bank itself offering to EMI conversion for >5k.
2, need to pay extra charges and might take time.
Convert to EMI and pay every month and stop spending than you can pay atleast now onwards.
Again, not recommended for money rotation because eventually you'll pay more with those 2-3% charges before you finally clear everything.
Just pay as EMI and stop further spending on your cards.
Credit card bills ideally meant to clear every month that also suggest spend only what we can afford in that month.
Don't take it wrong way if some of these words are not preferable, but its the fact. Don't go for money rotation, atleast.
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