Have you bought clothes with a credit card? However, if you want to change the bills into installments, think twice.
We should not spend more than we have. But credit cards are also spending money that we do not have before. We do not understand what to do when the time comes to pay the bills, the minimum payment or the more than the fixed sum will be converted into monthly equal deficit (EMI). Both of these are false. We are unaware of our debt. More than our monthly salary, the credit card bill is so high that we do not take proper care in money. When it comes to such a situation, it is not possible to save for future needs, or to establish an emergency fund, and to achieve family financial goals. You should take some precautions.
*First of all, do not use the option of a minimum payment. By paying ‘at least’, the debt burden is going up. Pay interest on the outstanding amount. It becomes burdensome from time to time. So far, take out your savings amounts. Pay card bills with them. This does not decrease the interest burden on you.
* Trying to convert to the installments also takes a monthly burden. In addition to processing fees, interest will also be paid. This will affect the monthly budget.
*Once the bill is paid entirely, be careful of not getting such a situation again. Try savings in addition to Rs.5 per month. This will bring you an emergency fund. This money can be used when the need arises. If the unnecessary cost is reduced, financial discipline will improve.
* Put a card… it’s too much to want .. You have two cards. As the cards increase, difficulties will also grow. Pay two cards with a maximum limit, if not all the cards are payable. If you only get a debit card for a few years, the debt turns away. A slow credit card can then be used. That’s why you’re sure to pay the bill!