Ask an Expert
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Date : May 6, 2008 Question HI sir, I have CC with SBI-10k, Barclays-17k, HDFC-93k, Citibank-68k and HSBC-75k. Because of some situation i have used all the amount and inow i am unable to pay back. I want to settle the this rite now once i am back to the situation i am ready to pay it the entire amt. i dont want any kind of loan for the next 7 yrs, i am 24 rite now. Pls advice me what to do? and which is the good way to free from these CC temporarily. Answer
In credit card when you don't pay the dues before the due date, revolving interest rate is charged on your outstanding. This revolving interest rate is charged heavily. The credit cards which you have utilized, the interest rate on it ranges from 41.75%p.a to 45.76%p.a. of the banks you have mentioned. So just imagine the outstanding due after a year will reach approx to 396,636. You have to take some steps to stop your outstanding amount to increase. As you are not in a position to pay. There is no real solution to the problem. You can contact credit counseling agencies such as Disha Financial counseling. |
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