I overshot my credit card dues and am left with an outstanding of Rs 50,000. What should I do to retire this debt?
If you have any investments that could be liquidated; you should do so to retire this debt
I overshot my credit card dues and am left with an outstanding of Rs 50,000. What should I do to retire this debt?
Karthik Sundar, Mumbai
This is the worst situation that one could be in – servicing credit card debts. If you have any investments that could be liquidated; you should do so to retire this debt. You could also convert the credit card outstanding to a personal loan and retire it, which would be less troublesome to service compared to the credit card outstanding. The other possibility is to borrow from friends and relatives to retire the credit card outstanding and start afresh. If you have been managing the credit card outstanding for long – better visit a credit counsellor who could help you from falling in such a trap in the future.