The struggle of being unable to pay credit bills every month is real and happens with most of us. In the last few years when the world was struck with the pandemic situation, millions lost their jobs, thus leaving them in a financial crisis as many still struggle to find a stable jobs. This can led to an increase in unpaid bills, loans and uncleared EMIs. These dues have also soared due to reckless and unchecked use of credit cards. Such unpaid bills can eventually result into late payment fees, increasing interest rates, falling credit score, and even an increase in additional borrowing. 

While credit cards are one of the most effective and hassle-free financial tools that help people to meet their financial requirements at times of need, they if not managed wisely and responsible can turn out to be detrimental for your financial health. 

If you too having difficult with paying off credit card bills, here are some ways that can come to your rescue. 

Ways to settle credit card bills

Pay the minimum due amount: The minimum due amount is always mentioned on the top of the credit card bills. If card holders face difficulty in paying off the entire bill amount, they can at least try and pay the minimum due amount to keep their cards operational. This will also help in keeping the interests low and prevent credit score from falling. One should avoid doing this more often as it can lead to mounting credit, which is difficult to repay in whole. 

Balance Transfer: Balance transfer is one of the most sought-after options in case of outstanding dues on credit cards. In such cases, one can transfer their existing credit card dues to a new account that has a lower interest rate. Following the transfer, they can start paying off their bills on the new and lower interest-rate. 

Limit credit card usage: A simplest way to avoid falling into credit card debt is to limit the use. Even after a complete repayment, one should fix a limit on credit card usage. 

Pay dues with high interest rate: Those using more than one credit card should focus on paying off the debts with higher rate of interest. By doing this, one can reduce their major interest outgo. 

Final settlement: If nothing works, card holders can directly reach out to their credit card issuer for final settlement. In this case, the card issuer may agree to collect a major portion of the total dues and settle the credit card bill.