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How to pay off your credit card wisely

One question that always troubles me is how to pay off credit card debt? You had a family reunion and you bought a lot of gifts for them to make it special. Once it`s over what awaits you is a huge outstanding of your credit card to pay off. Anyone can face such a situation .The worst part of the Credit Card is that if you don’t pay on time, interest will start building on your Credit Card.

There are various ways to pay off credit card debt.

  • Ask the bank to lower the interest rate.

  • Balance Transfer.

  • Personal Loan.

If you have a good credit history and have never defaulted, chances are banks might consider your request and lower the interest rate.

If you are not satisfied with the bank interest rates that are levied on you, there is another option of balance transfer to the lower rate card.

Don’t get disappointed if you fail in getting a balance transfer, you still have the option of applying for a personal loan to pay your debts.

Whether you are going for the balance transfer or the Personal Loan, it all depends on how you manage your finances. It requires little calculation and the amount of debt you carry.

In Balance transfer some credit cards have introductory offers like zero interest rate for certain period of time or no annual fee charges for a limited time. Credit card issuers offer lucrative offers to attract customer for balance transfer. You should keep in mind these offers don’t last forever and as the time period lapses credit card lenders will start charging their usual interest rates and that could double up your burden. If you see that you are capable of paying your credit card debt within offer period then it’s worth it. But do keep in mind that these lower interest rates charged on credit card might be only for balance transfer. So, don’t get into a debt trap by making new purchases on a higher interest rate and regret later. Get clarity on all the terms and conditions before getting balance transfer .

Credit Card is a risky venture for someone who is struggling in paying their debt. So, to be on the safer side, I consider Personal Loan as a safe mode of paying down debt.

Personal Loan has fixed interest charged every month and there are no charges once tenure is over. Interest rates are also comparatively lower than the Credit Card interest rates. You can compare the interest rates of personal Loan on our website Personal Loan has a fixed tenure unlike Credit Card.

You have the option of going for secured Personal Loan or unsecured Personal Loan. Choice is yours. Points that should be kept in mind before applying for personal loan are as follows.

  • Unsecured Personal Loan has higher interest rates compared to Secured Personal Loan.

  • Interest rates depend on factors like whether you are salaried or self employed, the company you work for, type of lender you are approaching, your income, your credit history etc


It completely depends on your choice, budget and your repaying capability on how to pay off credit card debt. If you need an expert advice on Personal Loan and balance transfer you can speak to one of our agents of by logging into Contact us page and helping us with your name, mobile number, your email ID and with your query. We will be happy to assist you and solve your financial dilemma.

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