Amidst the monotone of the lockdown life, the Indian Premier League (IPL) came as the only one thing that could beat the nostalgia of our normal lives. Though we would be missing the crowded stands and fans cheering, the IPL buzz and fever is no less!
In line with the spirits of the season, we have our own take on bowling, one which involves an important part of our lives – Credit Card bills!
Life has changed drastically in the past few months and so has the way we did our financial planning. With lockdown affecting income of many and increased expenses due to healthcare needs, there is bound to be increased usage of Credit Cards, leading to mounting bills. However, will the usage take you till the last over or get you caught on the first bowl itself? Let’s find out.
With the usage of credit cards comes the kit of high interest rates, maintenance charges and minimum payment cycles. The minimum payment cycle is that yorker that leaves you helpless in no time. You would keep paying the minimum amounts due on your credit card while the interest keeps ticking with each over. So much so that you soon realise that the over exhausted credit card dues have resulted in hit wicket!
In that case, We’ve got the best power play strategy for you, so that you can win over these huge credit card outstanding bills with one classic helicopter shot 😉 !
How to Knock off your credit card outstanding bills in 3 steps?
Credit card outstanding bills are revolving in nature. They more often than not lead you to a debt trap. To avoid the situation from getting out of hand, we have a 3 step process that will help you knock off the credit card outstanding bills in just one go! Check it out –
1. Consolidate all Existing Credit Card Bills
In case you have multiple credit cards, you must first accumulate all the credit card outstanding bills generated from all the credit cards you own. This also includes compiling the maintenance charges, fees etc. Calculate the exact amount that needs to be paid against all the credit cards outstanding into one consolidated sum. For example – If you own 3 credit cards each with an outstanding due of INR 1,00,000, INR 50,000 and INR 75,000 respectively, the consolidated sum would be INR 2,25,000. Once you derive the exact amount you can move to step two!
2. Apply For a Personal loan
Now that you have a consolidated amount to be paid against your credit card bills, you must apply for a personal loan equivalent to the derived sum. You must research for lenders that extend Debt consolidation loans. Many lenders provide personal loans online with instant loan approval features. Also, customized personal loans for debt consolidation like Credit card Takeover loans are tailor to consolidate debts arising from inflated credit card bills. However, you can choose a regular personal loan too for the same purpose. Select the right lender and apply for a personal loan online or download the personal loan app and apply instantly!
3. Clear all Credit Card Outstanding Dues
Once the lender disburses your personal loan, you must utilize the sum borrowed to clear all the outstanding credit card bills. Post this, you must ensure that you close your accounts with all the existing credit card providers to avoid the temptation of swiping your credit card again. You certainly do not want the vicious cycle to hover over you! This way you can clear all your credit card debts in one go and you would have only one personal loan EMI to pay each month.
Howzzattt?! A personal loan is certainly an ace up your sleeve especially for the purpose of debt consolidation of credit card outstanding bills. This way you can knock off the hassle of dealing with multiple lenders and multiple due dates along with lengthy outstanding dues!
Apply for LoanTap’s Instant Personal loan Now!
