Best advice for clearing credit card debt?

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Deal Subedar
prodime17

I am unable to clear debt due to over spending every month.. i feel i am stuck with cc debts please show me some way or help me..

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Deal Lieutenant Deal Lieutenant
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First thing first, Never opt for CC debt.

The only way to get out is by reducing your luxuries/expenses.

Pay your existing EMIs on time. And collect money to prepay the whole debt.

Budding Star Budding Star
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cc debt never get end 😝

Deal Captain Deal Captain
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Immediately, stop using cc. 

Close all apps. Even DesiDime to avoid useless shopping [for you] .

Delete all cc & app, remove it from Shopping Sites.

Lock all cards in locker.

It's a Trap if you don't be careful now , God Bless you!

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Deal Lieutenant Deal Lieutenant
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First thing first, Never opt for CC debt.

The only way to get out is by reducing your luxuries/expenses.

Pay your existing EMIs on time. And collect money to prepay the whole debt.

Deal Lieutenant Deal Lieutenant
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Btw, What is the Monthly salary and How much is the CC debt?

What luxuries did you opt which lead you in this condition.

Just curious to know so that I can not do the same.

Deal Cadet Deal Cadet
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I will suggest you to take a personal loan and clear all CC debts.

Deal Subedar Deal Subedar
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interest factor would be costly or not?

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Budding Star Budding Star
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cc debt never get end 😝

Deal Lieutenant Deal Lieutenant
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Pehle to transactions off kar do or jab bhi cc ka socho, sirf pay karne ka socho use karne ka nahi

Tax Wizard Tax Wizard
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Hey , i would love to help you out ... as i am doing CFP course too . All above suggestions are right , if you want to discuss , pls pm .  Also , whats your salary and whats your outstanding cc debt ? 

Entertainer Entertainer
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Settle off with card/bank and close them.

Or take pl and clear cc dues

Deal Cadet Deal Cadet
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Not a wise decision to settle the amount with banks for 35k.

Settlement info will be there in the CIBIL report for 7 years.

Review Expert Review Expert
Author
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Not a finance geek but wondering why no one suggested a loan against mutual funds/SGB? the interest rate would also be lower I believe? 

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Deal Newbie Deal Newbie
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Is in good option to top up housing loan rather than taking personal loan? Any suggestions?

Deal Newbie Deal Newbie
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If your home loan will be of longer period and you need 1 lakh or two, you end up paying double the interest more than of principal 

Deal Captain Deal Captain
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Only personal loan is option but I doubt if u get it due to cibil n running cc debt. 

If u have some digital assets like shares mf or crypto just sell n pay it. 

Or take from family or friends n pay it . Atlst u will have interest free loan if they gives. 

Edit: cc not paying bill interest rate is almost 33% compare to others loans it's 3 time. 

Deal Captain Deal Captain
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Immediately, stop using cc. 

Close all apps. Even DesiDime to avoid useless shopping [for you] .

Delete all cc & app, remove it from Shopping Sites.

Lock all cards in locker.

It's a Trap if you don't be careful now , God Bless you!

Deal Newbie Deal Newbie
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This is best advice sad

Generous Generous
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OnlyAC

The PostMighty The PostMighty
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If you are going to take a loan from family or friends, insist on them taking an interest rate above what they get with a savings account at least. They may be willing to give it interest free but that will cause a whole lot of other issues later on in life.

In our community, if the child and a parent are into different businesses and either takes a loan from each other, they charge a near market rate interest! Some call it shameful but it teaches responsibility and instills a business sense into the loan taker.

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