How to Avoid Falling into the Credit Card Debt Trap?
How to Avoid Falling into the Credit Card Debt Trap? Did you know the interest rate that credit card companies charge? It's roughly about 42% per annum. It is an insanely high. Let me share an example of one person who had an outstanding bill of Rs 1,51,460 but somehow he missed Rs 60 and paid only Rs 1,51,400. In the next billing cycle, he was charged Financial charges of Rs 6349. Now he was shocked and being into banking he was able to do the reversal of the charges but think about it what if it was you or your family? How these credit card companies work: You can use credit cards either online or offline and they give you free credit from 20 to 50 days depending upon the card. Then they bill you for the purchases made and give you the due date before which you have to pay the total due or minimum due, In case you fail to pay by the due date there are 2 charges they levy one being the penalty and the other being the interest. And they will ke...