How to Reduce Interest Payments on your credit card bills?

Clearing costly debt is always a priority. Interest rates are always on the higher side for credit cards, especially when bills are overdue. Most people bypass the accumulation of debt on credit cards, until it turns into an unavoidable scenario. You can always take recourse to a few methods of lowering the interest load, enabling you to repay debt much faster. Before you use any RBL credit card EMI calculator or another mechanism, read up on these steps. 

1. Maximize your monthly payments- You may think of paying only the minimum due balance every month. However, this will only lead to a huge accumulation of interest on your credit card debt. You should instead look at maximizing your monthly payments. Pay as much as you can every month in order to clear off the credit card debt faster. This will lower the interest outgo and your financial liabilities in turn. 
2. Make payments promptly every month- You should not wait for the due date of your credit card bill. Pay as much as you can in a prompt manner every month. You may consider paying right when your salary is credited to your bank account. You can also reduce your interest payment from this day as a result. You will also have a lower amount for spending unnecessarily since you have already prioritized debt repayment at the beginning of the month. 
3. Stop making any more purchases- Once you have piled up debt on a particular credit card, stop using it for further purchases or transactions. This will only pile up your interest burden and liabilities since you will not have any free credit period on this card. 
4. Negotiate for a lower rate of interest- You can negotiate for a lower rate of interest with your bank, if you have a long relationship with them, and have always repaid your debts on time earlier. The bank may slightly reduce the rates of interest and your overall debt return if you are a valuable customer. 
5. Clear off debts with a personal loan- These are also known as debt consolidation loans. While their rates of interest are high, they are lower than the soaring interest rates charged on credit card debt. You can instead apply for a personal loan and pay off all your credit card dues. Consolidate multiple dues or debts into one personal loan with a lower rate of interest. These are short-tenure loans that you can repay within 3-5 years.  You can also take a gold loan to clear off your credit card debts swiftly and pay a lower rate of interest overall. 
6. Switch to the EMI method- Some banks will give you a chance to repay your credit card dues via EMIs or equated monthly installments. Yet, ensure that you do not miss any EMI payment. If you do, then the rates will go back to their original sky-high levels. Banks may offer 18-24% per annum for existing credit card customers with regard to repaying credit card debts through EMIs. 

These are some useful inputs to keep in mind if you are looking at clearing off your credit card debts swiftly.