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of people, I've chewed more than I could swallow.
I have some good (10k) on my credit card (NBD) which I cannot repay directly with the salary. I've heard people take credit card from other bank with some 3/6 months free repayment and pay off the dues. and then close the card.
Can someone advice on the same? What should be the better way out.
Emirates Islamic is charging some 2% per month for balance transfer from its card to NBD.
Any insight on how to get out of this w
I had a word with HSBC. They say with 0% interest for 6 months and no early settlement fees I can get balance transfer with 120dhs as processing fee. Catch is I need to pay 5% of total value each month and settle all the debt before 6 months. Seems doable.
This. The best lesson I learned is to consider saving as paying a bill to your future self. If you do it every month , regardless how small, you won't even miss it at some point.
Emirates NBD will allow you to convert your amount to pay in to installments if you can pay the whole amount in less than 12 months or something. If your payments history is good they will do necessary arrangements for this if you contact the customer service.
10k is not a lot. Cant you borrow from your company or family/friends?
I wish I could do that. Lot of responsibilities. Digging in Savings means putting other people at risk if something unprecedented happens.
Long term advice : Savings income - expense Expense = income - savings
Tell your bank you cant pay the credit card outstanding and ask them to convert it into a long-term (they probably will only agree to short-term because of the small amount) loan over the next x number of months you feel is comfortable for you. The interest will obviously be higher the more stretched out your EMIs are, which is completely your call.
"Once you dip, you can't quit."
Dip into your savings and bite the bullet. If you use another card you will come full circle. Paying it through your savings will teach you a valuable lesson, albeit painful.
I know someone who did this. Ended up in a vicious cycle that led to multiple credit cards and multiple debts.
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