Managing Credit Card Debt

Credit card debt typically carries the highest interest among common consumer liabilities. Left unmanaged, it grows quickly due to compound interest. The goal is to reduce interest cost while protecting your credit score.

Practical steps

• Always pay the full statement balance when possible to avoid interest.
• If you cannot, pay more than the minimum to lower interest accrual.
• Prioritize high-rate cards first (debt avalanche) or smallest balances first (debt snowball).
• Avoid cash withdrawals and balance transfers without checking fees and rates.

When to consider alternatives

If monthly interest is unaffordable, consider a low-interest personal loan or a bank balance-transfer offer to consolidate debt — but check processing fees and the effective rate before switching.

Use the EMI calculator

Compare options by estimating EMIs and total interest: Open the EMI Calculator and run a few scenarios.