Credit Card Debt Trap: Escape Rising Bills with These Smart Strategies

• Credit card usage in India has surged, leading to increased outstanding balances and financial burden for many.
• Paying only the minimum due on credit cards can lead to a debt trap due to high annual interest rates (30-45%).
• To escape, first list all card details (balance, interest, due dates) and stop new credit card spending.
• Utilize the Avalanche Method (pay highest interest first) or Snowball Method (pay lowest balance first) to tackle debt.
• Consider talking to your bank for interest rate reduction, EMI conversion, or balance transfer, or consolidate debt with a low-interest personal loan. Build an emergency fund and avoid overspending for rewards.