Credit Card Bill: How correct is it to pay credit card bill by taking a personal loan? Know the complete calculation here
Credit Card Bill Repayment: In the digital age, everything is becoming modern. Similarly, every bill is also being paid in new ways. Credit card is the most used payment method for these payments. But when it comes to credit card bill payment, many people have this question in their mind whether they can pay the credit card bill by taking a personal loan or not?
Breaking News, Digital Desk- Nowadays everyone has started using credit cards. This makes bill payments very easy. But if it is not used properly, it can also cause headaches for you. The number of credit card users is constantly increasing.
According to a data from the Reserve Bank of India (RBI), currently more than 10 crore credit cards have been issued in the country. Along with this, credit card expenditure has increased by 17 percent in a year and has crossed the figure of Rs 1.65 crore.
In such a situation, if the credit card expenses increase, then there is a problem in paying it. Many people have trouble paying the credit card bill. In such a situation, they can pay the credit card bill by taking a personal loan.
How correct is bill payment by taking a personal loan?
Paying credit card bill by taking personal loan is a very good strategy. Even though personal loan is expensive, it is much cheaper than credit card. The interest rate of personal loan is 10.5 percent to 20.6 percent. On the other hand, the interest rate on credit card dues is 40 percent.
For this reason, taking a personal loan is a good way to pay your credit card bill.
Keep these things in mind before using a credit card
Take control of your expenses
Many people use credit cards indiscriminately and face problems while paying credit card bills. If the credit card bill is not paid on time, then the CIBIL score also goes down.
It often happens that the CIBIL score is maintained
) Users take loans to pay and get caught in the trap. To avoid getting caught in the debt trap, one should always control expenses.
Interest rate of more than 40%
There is an interest rate charged for not paying the credit card bill (credit card bill payment penalty). This interest rate is quite high. Almost more than 40 percent interest rate is charged on credit card bills.
Make sure to pay the minimum due
Suppose in some situation you are not able to pay the credit card bill in full. In such a situation, you must pay the minimum due amount of the bill. However, you should not do this continuously or else your outstanding interest will keep increasing.
Keep these things in mind while choosing a credit card
- If you use credit card a lot for grocery or shopping, then you should select such a credit card in which you get maximum reward points. If
- you want, you can get a card according to your needs so that you can avail maximum reward points and cash back.
- Before taking a credit card, compare the credit limit and interest rates on revolving credit.
- You should also know the terms and conditions of the credit card well.
- Know well about the charges levied on the credit card.