highlights
According to TransUnion CIBIL, there has been an increase in default on credit cards in June 2023.
Many different reasons have been given for the increase in credit defaults.
By making some changes in the methods of credit card bill payment, you can repay it easily.
New Delhi. There has been an increase in the number of people who do not pay their credit card bills on time in the country. Recently, a report by TransUnion CIBIL (CIBIL) has revealed that there has been an increase in defaults on credit cards in June 2023. That is, people are spending money from credit cards to manage their finances but are not able to repay it on time.
If you also use a credit card, then it is possible that your bill payment has also been missed. In such a situation, so that the credit card bill does not become a headache for you, we are telling you some such ways, with the help of which you can pay the credit card bill.
Read this also – How to correct wrong information filled while filing ITR, how many times can I revise it?
Why the number of non-bill payers is increasing
There can be many reasons for the increase in credit default. This includes reasons such as rising cost of living, job loss and economic recession. With the increasing popularity of digital e-commerce in the country and the increase in online transactions, it has become much easier for customers to shop and borrow. Due to this, they spend more without taking care of money. But when the time comes to pay the credit card bill, they do not have enough money.
Pay bills through balance transfer
If you have more than one credit card, you can transfer balance from one credit card to another to pay the bill of one credit card. Nowadays, most of the banks and financial institutions issuing credit cards provide this facility to their customers. For this, the credit card with which you pay the bill should have a higher credit limit than the other credit card.
Convert outstanding amount to EMI
If you are not able to arrange lump sum money to pay the credit card bill, then there is also an option to convert the outstanding amount into EMI. With this you can make credit card bill payment in easy installments. Apart from this, if you have taken multiple loans together, then on the basis of its outstanding amount, you can choose the loan on the basis of priority for repayment.
,
Tags: Banking, business news, business news in hindi, credit card, Credit card limit, Loan against credit card, netbanking, Online Banking
FIRST PUBLISHED : July 24, 2023, 13:04 IST