Introduction:
If you are struggling to pay off your Credit card bills and you have reached a point wherein you realise you can never clear off your dues, you are in a debt trap.
How do I over come a debt trap?
This is a very tough question to answer, after reading a lot of user experiences online here is how it works. You need to go in person to the bank and explain your situation to them. Take evidence of your current financial health and go meet the bank manager in person.
The next thing you will do is propose a final settlement that works for you and seal the deal. The deal could be in your favour to an extent that you will not pay any further outstanding dues and request the bank manager to waive off all out-standing dues in your name and come clean.
This could hurt your credit rating making it hard to get loans for the near term. But this will resolve your current harassment and mental torture. If the bank has initiated a legal proceeding against you, you could still stand a chance to have it taken back by discussing it in person with the Bank Manager.
Once you are on a debt trap, do not take Personal loan to clear up your outstanding dues, instead go meet your Bank Manager in person and work out a restructuring plan. They have the authority to give you interest free re-payment options on a case to case basis.
Disclaimer: This is not based on my personal experience, however based on what i read online and other articles.
If you are struggling to pay off your Credit card bills and you have reached a point wherein you realise you can never clear off your dues, you are in a debt trap.
How do I over come a debt trap?
This is a very tough question to answer, after reading a lot of user experiences online here is how it works. You need to go in person to the bank and explain your situation to them. Take evidence of your current financial health and go meet the bank manager in person.
The next thing you will do is propose a final settlement that works for you and seal the deal. The deal could be in your favour to an extent that you will not pay any further outstanding dues and request the bank manager to waive off all out-standing dues in your name and come clean.
This could hurt your credit rating making it hard to get loans for the near term. But this will resolve your current harassment and mental torture. If the bank has initiated a legal proceeding against you, you could still stand a chance to have it taken back by discussing it in person with the Bank Manager.
Once you are on a debt trap, do not take Personal loan to clear up your outstanding dues, instead go meet your Bank Manager in person and work out a restructuring plan. They have the authority to give you interest free re-payment options on a case to case basis.
Disclaimer: This is not based on my personal experience, however based on what i read online and other articles.
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