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BQPortfolio: Stuck In A Credit Card Debt Trap? Here’s A Five-Point Rescue Plan

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BQPortfolio speaks to citizens from across India about their financial goals and helps them access expert advice on how to achieve them.

Khumail Thakur has landed himself in a real spot of bother. He has run up a credit card bill of Rs 35,000.

The 24-year-old earns Rs 30,000 monthly—most of which is spent to meet his personal expenses and on family.

For now, Thakur is only managing to pay the interest cost on the outstanding dues every month. And, because this is so high, he hasn’t been able to make a dent in the principal that he has to repay.

Kartik Jhaveri, director at Transcend Consulting, explains the optimum way to use credit cards and five ways to get rid of dues that have ballooned out of control on this episode of BQPortfolio.

. Read more on Portfolio by BloombergQuint.