As for your predicament - your loan is rejected because you have a poor credit record. You have a poor record, because you have not been paying your credit card dues on time.
Converting your credit card dues into a fixed loan and EMI is a sensible move on your part. But it is not going to be easy. You will need to convince a lender that you are serious about getting your finances in order and intend to pay regularly.
We suggest that you come in for Free counselling and that you do it soon. Please remember that credit cards carry a high interest rate and will rapidly compound your payment liabilities. You do not have time on your side, so please act now, before it is too late.
We hope you find this useful.
Sucheta Dalal Trustee - Moneylife Foundation
Abhay Datar Abhay Datar is a consumer activist and is also Member of the Managing Committee of Mumbai Grahak Panchayat (MGP). He was Treasurer at MGP for over two and a half years. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of 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 to mobile and mediclaim. Mr Data
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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