Why overdue dues grow so quickly
Late fees and high interest are charged on the unpaid balance, so a small overdue amount can become a large one. Paying only the minimum due rarely helps.
Option 1: Pay in full
If you can arrange the money, full payment stops the charges and protects your credit record best.
Option 2: Convert to EMI
Many banks let you convert the outstanding amount into EMIs at a lower interest rate than the card rate. This keeps the account in good standing.
Option 3: Restructure with the bank
If you have faced a genuine income loss, ask the bank for a revised repayment plan in writing.
Option 4: Settle
When repayment is no longer possible, a negotiated settlement can close the account, with the cost of a settled status on your credit report.
Do not ignore the bank
Silence usually leads to more calls and notices. An early honest conversation gives you more options.
Looking for specific help? Read our guide to credit card settlement or request a confidential consultation.
This article is general information and not legal advice.