Don't have cash but want to buy the lovely shirt you just saw. You can do that if you have a Credit Card. But make sure you are able to pay off the entire amount due at the end of the month or you will be stuck with very high interest bills. While choosing your credit card find out about the joining fees, annual fees, add-on card fees, cash withdrawal fees, interest on cash withdrawal, interest rate if you are not able to pay the full amount due at the end of the month and freebies such as fuel surcharge waiver on filling petrol.
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Date : 2 Jan, 2009 Question
I am glad that I found you! I have run into deep financial crisis at the moment at the age of 48 with a limited monthly salary of Rs.17000/- I have several credit card balances and though till now have managed somehow to avoid being a defaulter it wont be long when I will be one. KIndly advise me whether it is advisable to go for a credit card settlement? I have come to know of it recently but im not sure what is it actually?? I have come in contact with a person who claims he can settle all my credit card balances (Amouting to Rs. 6 Lacs in total) at Rs. 1.50 Lacs.Is it possible?? What are the disadvantages in future?? Further pl note that I have handed over several documents(photocopies) to him like our flat tax-bill, my bank statements, PAN card , voters card etc. Can he misuse them?? I am totally new into all these and am worried. Can you kindly suggest any better solution to all this mess?? Further please tell me about SIBIL and if at any time the banks issuing me credit cards sends my name there , can i ever come out of it?? Please help! Answer When you go in for a settlement, banks can and will legally report you as a defaulter - to the extent of the dues foregone by them - at the credit bureau. All details concerning your default stay at the credit bureau for 7 years. In this period, anytime you apply for a home loan, personal loan or a credit card the details of your default will show up during the verification process and it becomes highly unlikely that any lender will lend you credit. If you are unable to pay your credit card dues at one go, ensure that you always pay at least the minimum due amount, generally 5 % of your outstanding. In the meantime, find a concrete solution. You have various options - you could apply for a loan against property, stocks, insurance policy or jewelry. Or you could take a personal loan and pay off the credit card outstanding. Just remember that the rate of interest for a personal loan is higher than all the other mentioned options. Still you are unable to pay then there is no real solution to the problem. You can contact credit counseling agencies such as apnapaisa/2008/10/31/credit-counseling-get-help-to-deal-with-your-money/" target=_self>Disha Financial counseling.
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