Never fail to pay credit card dues!
Credit card is a very helpful instrument to fill in the temporary finance holes. It has to be used for stop gap and utra short finance cost free transactions only. Never never use the credit card debt for longer periods. It is a trap.
Infact, if you cannot clear the dues, better dont use the card. It will be wide for you to postpone the purchase or expense. Make it a point to pay your monthly dues without delay. If you don't pay the minimum payment your account will go into arrears. If this happens a series of events will follow.
First, your lender bank will contact you to demand the missing payments and then the nonstop emails, phonecalls and SMS will bombard destroying the peace your enjoy. The way they communicate really puts a lot of mental and emotional pressure thus distracting your focus and normal work.
Secondly, Interest and fines gets multiplied in an alarming proportions and your account will be marked as a default account
And thirdly, the very intimidating debt collection agents will prensent themselves to recover the money. Getting into a legal mess is messier than everything else. Ther mored to this, but why think about them? We should always pay the credit card dues on time and avoid all these unpleasent things and enjoy the free credit to the maximum. Smart people also play with reward points. Do good with credit cards and avoid the mess!
24-08-2020