Credit card
M Prasannavenkatesh
(Querist) 08 September 2017
This query is : Resolved
I had credit card with SBI from 2015 onwards. my SBI Card limit is 50000/-. I disbursed 25000/- approximately. I paid upto June 2017 - 65000/- after that no payment made. Now my credit card balance is 65000/- . Now I am unemployed to repay the card value. I approach bankers for settlement they say 10000/- waiver. can you guide me this situation.
Rakesh Jain
(Expert) 09 September 2017
It appears there is come confusion for want of full details. For amount disbursed in 2015 even it nothing is paid it could become maximum Rs.65,000/- assuming 40% interest rate per annum with compounding and you have already paid RS. 65000/-. It could be looked into only after having full details of entries in the account till date.
R.K Nanda
(Expert) 09 September 2017
contact concerned bank for amicable settlement.
Kumar Doab
(Expert) 09 September 2017
Pls respond to the observations of Mr. Rakesh Jain.
Kumar Doab
(Expert) 09 September 2017
The settlement is between two entities; borrower, lender.
It depends upon the skill and intention of both.
Settlement is adverse entry and shall affect your credit worthiness.
Rajendra K Goyal
(Expert) 09 September 2017
You have used the amount, credit card companies charge very heavy rate of interest.
Try to settle the debt.
Kumar Doab
(Expert) 09 September 2017
Credit card is for convenience and substitute for cash in hand for individuals that have to make frequent payments and it is difficult to carry cash.
If there is NO cash to pay CC bills, one should not use Credit Card.
One should use debit card to the limit of available cash.
