Im frustated with my credit cards. Im out of money due to frequent health issues of my family. Unable to pay the minimum payments. Im paying minimum due past 2 yrs. I tried to get loans but are getting rejected.

How can I get a loan with bad credit score to close the cards
We are truly sorry about your predicament. Unfortunately there is no way out. You are unlikely to get a loan. But much worse, the problem with paying minimum balance is far worse. It will compound rapidly at a very high interest rate.

You will need to seek help — may be from family or friends to pay off your credit card loans and close the cards urgently. That is the first step. Check if you can encash some assets such as Gold to pay back. It is easier to buy back the gold during happier times and use it now. You will need to organise your finances and cut costs. You can see FREE credit help from our counsellors if you are in Mumbai — but only after the lockdown is lifted. Or email [email protected] with more details.

Meanwhile please see this video on credit card debt. https://www.youtube.com/watch?v=84giLRnFWjs

Best wishes to you. I am sure with planning and determination you can fix your financial issues.
Our Experts

Sucheta Dalal Trustee - Moneylife Foundation

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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