during this pandemic i have missed my credit card payment due to which im unable to get loan from any of the bank as i need to clear the due.will this help me out to get a loan to repay my credit card payment .
Your credit card bills are bound to skyrocket. The interest is upwards of 40% usually and compounds at that rate with all kinds of charges. Please see this video to understand how it works. https://youtu.be/VfacpwkxkgE

You need to 1) stop using all your credit cards immediately 2) explore the possibility of getting a personal loan - which as a much lower interest rate and can be paid in EMI to consolidate all your credit card outstanding and pay it back immediately 3) This is only possible if you still have a good credit score and have not defaulted. 4) Even when you do this, you will need to work at reducing your expenses and finding innovative ways to boost income .

Please remember a default will cause long term damage to your credit report and future borrowing ability. If you have any assets/ gold or anything else that you can sell to raise cash and pay your credit card bills you may salvage your credit history.
Our Experts

Sucheta Dalal Trustee - Moneylife Foundation

Abhay Datar Abhay Datar is a consumer activist. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of Mumbai Grahak Panchayat (MGP) in 2008 and solved many cases related to banking including online fraudulent transactions, misuse of credit cards and ATM cards. Also handled cases related with mobile banking frauds and mediclaim. He was a Member of the Managing Committee of MGP till March 2021.

Suresh Prabhu Mr Prabhu retired as Senior Vice President from HDFC Bank

R Bhuvaneswari After serving Bank of Baroda for almost 40 years, Ms Bhuvaneshwari retired as Chief Manager in 2013.

Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on finance, credit related issues

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