How to get rid of Credit card bill (debt)

New York based 35 year old Cindy Bigelow, an executive with a talent search firm is in a dilemma these days. She had been regularly paying her credit card bills on time for the last 10 years. But all of a sudden she found herself struggling to get out of credit card debt trap. She is going through some serious financial problems these days due to which her finances have beet hurt badly. She barely managed to escape the default on payment by paying the minimum amount due. She is desperately looking for various ways to get out of this credit card debt. 

Cindy is not the only one to have suffered this situation. Since the onset of financial meltdown back in 2008 more and more credit card customers are defaulting on their payments. This has been caused by lesser employment opportunities and hence decreased potential to pay back the debt. In a nutshell, default happens when the outflow (spending) exceeds the inflow (income).  One can easily get into a credit card trap with increasing interest burden, but one can get rid of it with meticulous planning. Below are some ways to get rid of that sky rocketing credit card bill:

Get rid of credit card bills

1. Pay credit card bill through EMI: If you are looking to buy something, try to get it on a EMI or equated monthly installment. Mostly these offers are available with some card processing fee which gets credited back to your account in the next billing cycle. But what if you have swiped your credit card for that big purchase in one go? Don't you worry! Banks are more than willing to convert your lump sum credit card payments into equated monthly installments at affordable rate of interest. Just call up your banks helpline and ask about all the EMI options available on your credit card. Apart from that some banks provide links on their internet banking for the same.
2. Pay Credit card bills through Personal Loans: If you don't pay up your credit card bill on time, banks will usually levy interest charges between 15-40% per annum to roll it over to next month. To solve this problem all you have to do is take a personal loan, loan against gold or property. Gold loans are considerably cheaper then personal loans. Banks are readily to give you a personal or other loan to get rid of that sticky credit card loan. All you have to do is to call your respective bank customer care number or visit the nearest branch. But don't default on your loan as it could seriously dent your credit score. 
3. Transfer the balance: Banks these days allows its customers to transfer balance of one card to other. There are two options given by he banks here: fixed period option & lifetime payment option. IN case of fixed period option you will be given a period of 3-12 months to fully pay back your debt. During this period bank charges a lower rate of interest which varies from one bank to other.Apart from that if you further miss in your payments then bank will start charging normal rate of interest. Lifetime payment option as the name suggests one gets allows you to pay the dues as per your convenience, but the charges will be on the higher side. Once all the formalities are completed bank offer the customer with a check or demand draft to pay off the credit card dues.
4. Negotiate with the bank: No bank wants to add more non performing assets (NPA's) to it's balance sheet.  Try to explain your scenario to concerned bank official and ask him/her to provide you with more liberal payment schedule and interest rates. Eventually bank will soften the interest rate for you.