Well who doesn't like having plastic money at their disposal whenever they want. It's convenient and the credit card companies keep reminding you to pay only the minimum amount due. How convenient for you when you can use multiple cards and keeps on just paying the minimum amount due. But are we actually aware of the ill effects it has on our CIBIL score and our future loan prospects?

If you have INR 10,000 amount due on the card and you choose to pay the Minimum amount due. Now with 3% interest rate (it is nearly 36% per year mostly). If that amount is INR 1000 per month, then it will take around 13 months to clear that amount with more than INR 3000 as interest rate alone, whereas for INR 100 as the minimum amount, it will take more than 130 months. (And nearly INR 20,000 of interest amount alone.)

So what one should do if they are already trapped in the avalanche of having multiple credit cards in their pocket? Well for starters, start paying their credit card due on time even avoiding a single day delay. As it impacts the creditworthiness and credit score. There have been instances where people have lost great career opportunities due to bad credit history and CIBIL score as many MNCs actually check the CIBIL score of a candidate as well during background verifications. So what a person should do if they are already trapped in the vicious circle of credit cards? Say bye bye to your cash-strapped days, and avail an instant short-term loan from Phocket. Same day processing of the loan within a day and deposit of the loan amount into the bank account. The cash liquidity is just what you need for Credit Card Repayment.While making a Credit card Repayment with a loan from Phocket, make sure to pay back not just the minimum amount due but a respectable amount so that your credit score improves instead of declining.

Availing an Instant Personal Loan can help you improve adversely affected credit score; you can make Credit Card Repayment with the loans and with the easy lending improve your credit score. The flexibility Phocket.in provides is that you can avail instant loans of INR 5,000- 2,00,000 with flexible repayment EMI options. Pay the credit card dues by taking Instant Loan from Phocket and then repay Phocket when you get your salary in your bank account. This will help strengthen the CIBIL score and will enable you to get out of the overshooting EMIS and bad credit history and eventually the debt trap. Remember, Credit cards are a vicious cycle, which you enter by choice but exit only when the credit card company wants you to.

So, let's be smart and let's start paying all credit card dues on time because Happiness is...never missing a credit card due.