Employee money guide

How to Get Out of Credit Card Debt

A practical way to reduce credit card debt, avoid minimum-due traps, and rebuild monthly cash flow.

Direct Answer

To get out of credit card debt, stop adding new balances, pay more than the minimum due, prioritise high-interest cards, cut avoidable spending, and create a repayment plan.

Key Takeaways

Minimum amount due keeps debt expensive.
Stop new card spending while repaying.
A budget and emergency fund reduce relapse risk.

Why minimum due is dangerous

Paying only the minimum can keep interest running for a long time. The outstanding balance can grow quickly.

Build a repayment plan

List each card, interest rate, minimum due, and outstanding amount. Pay the highest-cost debt faster while keeping all minimum payments current.

Next Actions

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Financial literacy for employees

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Debt hub

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Emergency fund hub

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FAQs

Should I take a personal loan to close credit card debt?

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It can help only if the new loan is cheaper and you stop adding fresh card debt. Compare total cost and repayment discipline first.

Reviewed by the Saventh Financial Literacy Team. Educational information for Indian employees — not personalised advice. Mutual fund investments are subject to market risk. Saventh AMFI ARN 324457.

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