Wanna Enjoy ICICI Credit Card Offers for Long? Here’s The List of Cardinals to Follow


So you have bought a wide range of products and availed numerous services with your ICICI Credit Card? The shopping experience has been great, right? But, despite that, you are under a huge debt burden as the total dues are turning into a vicious cycle for you to deal with.

The possible reasons could be shopping beyond your paying capacity and sticking to the payment of minimum due only. Well, the latter can be a result of the former. At the very first glance, you would have found minimum due, which is calculated at 5% of the total outstanding, affordable and continued to pay the same. As a result, you are now in a position where even minimum due on your ICICI Credit Card is untenable. So, what are the possible solutions to resolve the mess you are stuck with now? Let’s read about those while also keeping an eye on the measures to ensure a timely payment of the dues.

Solutions to Resolve Your Debt Burden

Take a Personal Loan to Wipe off Credit Card Debt - The total dues on your credit card must have been based on a high interest, calculated at around 30%-40% per annum. So anyone not paying the dues in full would have to pay interest at such an exorbitant rate. Naturally, the debt will pile up significantly. The best way, therefore, is to take a personal loan to pay off the credit card debt. Personal loans can be availed at 11%-25% per annum across banks in India. With a loan, the credit card debt can be paid instantly. In return, you can pay off the loan in equated monthly installments (EMIs) for as long as 5 years. Since you have ICICI Credit Card, you can request the concerned bank to provide you a personal loan to pay off the card debt. As far as the interest rate of ICICI Personal Loan is concerned, it can be anywhere between 10.99%-22% p.a.

Stop Spending Fresh on the Card - Another way is to stop spending fresh till your existing debt on your credit card is over.

Create a Pool of Savings - You can maintain sizeable savings to pay off the debt in full. Keep earmarking a certain sum out of your remuneration each month and park those in instruments like recurring deposit fixed deposit or even a mutual fund. The accumulated reserve in either of these instruments can become at par or go beyond over time to help pay off the entire debt.

All those who have just started shopping with a credit card, be it of ICICI Bank or some other lender, should stick to the following cardinals to keep the debt at bay.

Prioritize Your Spends A a credit card shopper often shops whatever they want to without even using his/her discretion. Most of the times, many items bought may not have been your necessity. Still, you keep repeating that mistake and finally spiral the debt out of control. So, the need of the hour is to know what’s needed and what’s not and spend accordingly to ensure payment of the card dues on time and in full.

Avoid Impulsive Splash - The impulsive splash that a credit card can lead to has already pushed many into a never-ending debt cycle. You better keep your impulsive buying behaviour at bay and prevent your card bills from being blown out of proportion.





Wanna Enjoy ICICI Credit Card Offers for Long? Here’s The List of Cardinals to Follow Wanna Enjoy ICICI Credit Card Offers for Long? Here’s The List of Cardinals to Follow Reviewed by Internal Eseo on May 14, 2018 Rating: 5

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