Hi friends ,I have fell into debt trap . I used to have credit card bill of 1.5lac ,everymonth end I will be swiping one card and paying other card..this cycle continues..but suddenly now I realised credit card bill is 4lac..not sure how to stop this cycle.want to be debt free..where to start and how to close...any suggestions? Sorry for my English
First, if you cannot pay it off in one go, convert your bill into personal loan and emis (talk to your bank directly).
Interest rate on credit card upwards of 36-42% and loan would be at 15% most likely.
Pay off your emis diligently. Stop spending on credit card at all. (Make your limit as 0 or something).
Stop going out unless for work or to buy groceries. Stop all non essential payments like netflix.
On the other hand, if you don’t have the means to pay or don’t want to pay, change your address and phone number and forget about ever getting any more credit 😜
Take it from yours parents.
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