Credit card dues could be huge if you have been following cardinal of just paying off the minimum dues and you have over-splurged beyond your limits, it could be a call to bring your finances back to track and in doing so some of the options may be helpful:
Ways using which you could lower your credit card burden at low cost
Credit card debt conversion into EMI:
This is an easy go to option which is though not the most lucrative but here probably other than the lowered interest rate cost what comes as benefit is interest is charged on the reducing balance not on the entire outstanding amount.
But having discussed on the same, this is not the best of option available to clear off the dues without straining oneself much.
Also, in the given scenario when there is threat to bank of higher NPAs amid Covid 19, there can be a situation that interest rate on EMI option can be on the higher side or bank may not at all offer this offer to you and if at all they do offer it can be for a smaller time frame.
Go for another better interest rate offering card issuer:
Other option similar to home loan is choosing a card issuer offering a better interest rate and longer interest free period.
Use your reward points and cash backs to pay off your debt:
It is a good thing to capitalize on such offers and this will come in handy before the bill for the month has been generated as the credit card issuing bank would then offer the credit against it and may likely reduce your dues for the given month.
Home loan top up is the cheapest option with constraints:
Here you may avail of top up loan on your existing home loan but the longer tenure of the loan product will lead to higher interest pay-out. Say even at 7.5%, the likely interest can be heavy with a longer tenure.
Nonetheless the option can be used to its best by saving an extra amount and clearing off the loan by pre-paying it in a year only which will mean huge interest savings.
Loan against insurance, FDs, gold is another good option:
Personal and top up loans can be handy for those who can service their EMIs from their own cash flow. While for those who don't have means to service, can consider taking loan against investments such as gold, FDs etc. These are typically overdraft facilities for a year or so. Another option here is that if in the current scenario have mutual fund and equity investments which have turned profitable, you can use them for clearing off such debt which comes at a huge cost.
App based loan for those without credit history
This can be an easy to go to option for those without credit history as well as those who have less than Rs. 20000 as monthly income .