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Date : Jan 3, 2009

Question

I cleared all the payments that I purchased on the credit card and the final payment inculueds late payment fee also. But I am still getting the statement for late payment fee and intrest on it. Now it became around 11,000/-. Bank called me and said they are going to file a case with RBI. Please advice me how to clear this issue. Regards Bharani

Answer

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.

 

 

 

 

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