Unable to pay your credit card bills? Here’s what you can do.

  • July 14, 2021
  • 2 minutes read

Missing the repayment of your credit card bills is not advisable and definitely not a good idea. But many of us land in this situation. However,  2021 is a bad time to be in this situation, with the pandemic causing unemployment and layoffs – it is highly advisable to pay your credit card bills on time and in full to avoid penalty charges and higher bills. Missing repayments can lead to you paying hefty amounts in terms of late repayment fees, penalty charges, and high-interest rates – averaging around 25% p.a. It is advisable to take a personal loan with lower interest rates rather than using your credit card for long-term loans.  

If the situation brings you to a point where you are unable to pay your credit card bills, here’s what you can do to manage the situation:  

  1. Pay monthly bills in full 

Not repaying your credit card bills can thwack your credit score and hinder your chances of getting a loan in the future. To circumvent the situation, it is advisable to pay the entire monthly bill to avoid the late repayment fees and incidental and penalty fees, etc.  

If you are unable to pay the full billed amount, you can always talk to the bank and see if any adjustments can be made in terms of postponing the due dates so that interest doesn’t stack up. Banks are more likely to help you in these situations if you have maintained good credit behavior in the past.  

Minimum repayment of your credit card bills can help you to maintain your credit score and won’t hinder your chances of getting a loan in the future. Not paying at least the minimum repayment amount can lead to unmanageable debts.    

2. Make a balance transfer 

It may take several months to pay off your outstanding amount in full. In that case, you should opt for a balance transfer and pay off your credit card debt using a personal loan offering much lower interest rates and longer repayment terms.   

If you have a high outstanding credit on your card, switch to a personal loan with a longer repayment term and lower interest. This can buy you more time to pay off the loan amount in full. 

3. Consolidate your debts  

If you need to pay off several credit card bills from different banks, debt consolidation helps you unify all outstanding debt into a single loan at a preferential rate of interest. Debt consolidation act as a tool to pay off your loans with lower interest rates and lower monthly repayments with a longer repayment term. Why have 7 bills when you can just have 1? 

4. Do not make new purchases 

Unless you pay off your credit card debts in full, it is sensible to not make any new purchases on the credit card – especially when you are going for a loan balance transfer. This will compound your outstanding amount and can make your overall debt unmanageable.  

Focus on repaying the outstanding credit amount before making any new purchases. Consolidating debt and opting for a balance transfer will work best only if you stick to your financial plans. Making alluring purchases is easy but paying off the credit card bills can give you a hard time. Especially if you already owe anything to your lender.  

If you are facing any trouble and require financial advisers feel free to reach out to Fincity’s financial advisors or drop your questions in the comment section below. 

Written by: Marketing Fincity

If you have concerns about your credit score or wish to apply for a home loan, get in touch with us - we'd love to hear from you!

Feel free to consult with a fincity advisor at and have all your doubts cleared!

Our experts can help you get the best home loan at the best interest rates!