1) Balance transfer

A balance transfer is a process in which a credit card holder moves his outstanding credit card balance from one card issuer to another.

This method can help  to reduce Annual Percentage Rate (APR) charges, usually from a high APR to a low APR issuer. However, this facility also involves payment of fees to the low APR issuer.

2) Convert outstanding balance into EMI

One can convert their outstanding balance amount into an EMI where the payment can be made in monthly installments. The interest rate applicable here is between 1.49% to 1.99% per month depending on the bank. It does not affect your credit score.

3) Pay from the savings

There is no point earning on deposit and paying high-interest amount on credit card debt. It is better to use some funds from savings to make payments. It is better to pay off high paying debts first.

4) Pay more than minimum

Many individuals follow this method of paying an only minimum amount. But this will only increase your outstanding amount as the balance will attract interest rates of as much as 36% per annum

5) Know your billing cycle

If you have multiple credit cards, it is better to know your billing dates and amount and one can take advantage of credit free period to make payments.

6) Control spending

Along with all the above tips, it is also necessary that you control on your luxury spending. The saved amount can be used to make payments.

7) Other simple ways

Avoid using multiple cards, track bills periodically, talk to your credit card company. Make sure to keep track of your CIBIL score and try to improve it.