Credit card repayment is my problem. I am 26 years old, I have no fixed income, the debt on the credit card is 5,400 USD, the credit card is in Sandugo Bank and it is a Visa card, I pay the minimum amount calculated by the system every month, they range from 150 to 200 USD. The interest rate is 10% per annum.
I am asking for some advice how to pay off such debt on a credit card in the most effective and cheapest way, it is not light for me, because I have no fixed income, I can barely glue these monthly amounts to the minimum repayment, but what I will pay, I use them immediately to have credit card repayment is getting longer for what to live for.
Please, give me some tips on how to pay off my credit card? how to pay it back the least painfully? Cheapest without unnecessary costs and interest? Maybe spreading the amount on the credit card is better than paying off with the minimum amounts every month? I will be grateful for advice.
How do you pay off your credit card?
Debts on your credit card that you can’t pay back are a big deal. Credit cards are quite expensive and in the long run, it’s not worth relying on them! especially when our financial liquidity is quite fragile.
If you have been repaying the minimum amount only for one time in a row and you cannot bounce back then it’s worth it and you even have to notify the bank. It’s best to go to the bank in person and tell them you have difficulty repaying your credit card.
Then ask the bank to spread the credit card debt into installments. Determine with the bank employee what installments you can pay monthly.
Credit card debt consolidation
Of course, you can consolidate your credit card debt and transfer the debt to another bank, paying them off with monthly installments, but I think I advise you against such a solution, because you only have one credit card, so more problem than use it !
If you don’t like the above solutions, maybe borrow money for someone from your family or friends? then it will be without interest and without signing new contracts. You will be able to pay off the debt on your credit card completely … Later you will only have: fulfilling a verbal agreement with a family member, and timely repayment of debt is just a matter of your honor.
Watch your credit history, if it happens that you will have visible delays in paying off your credit card, then BIK will definitely catch it. Thus, you are spoiling your image towards the banks with which you will cooperate in the future, eg a loan for a house or apartment, or a car loan … Think about these consequences today!