Axis Bank Credit Card Settlement

[Deep666]

Card Bhai,

I have been reading a lot of your posts and you're having a immense knowledge about all financial related matters. Im a new member here and with this in-experience here about where to start up with, I am asking for some good advise from you. Pls excuse me if I should have taken up this matter at some other post.

Pls hear me out -

I have an AXIS bank credit card for last 2 years now. Although I have been religiously paying my minimum amount, however with bank's cleverness and robbing nature, my oustanding to pay has gone out of hand since last 3 months, from which I stopped paying up now. I had a credit limit of 70,000 thousand and now my outstanding is 98,000 INR. I have been fast complaining that stop charging unnecessary over-limit and other stupid charges, coz I have no issues paying up, but at least it needs to be regularized coz it's going beyond control now. But, all my complains are falling into deaf ears.

Kindly advise sir now how can I settle my card to finish off this entire headache, best procedure and to best of my interest? Also should I take outside agencies for help to maximum waiver?

Thnx a lot.

[cardbhai]

1. You have shot yourself in the foot by avoiding minimum payment. As you have track record of  payment it is difficult now for you to prove about late fees and other charges which are clearly spelled out.

2. Anyway, ask the bank to convert the credit card outstanding into Personal Loans [All depends on how you can negotiate] Personal Loans are Lot Cheaper than Credit Card Annual Percentage Rates.

3. If you can get a loan from your employer or family member, just avail it and pay off this credit card.

4. Ask for Personal Loan from some other bank (which is difficult for you to get now) but you can get it if your friend or family member stands as Guarantor

5. If you go for settlement, you will hurt your credit score and records. Follow these Steps, http://www.cardbhai.com/2009/01/credit-default-final-settlement-steps.html