Refinancing credit card borrowings

Some young people spend too much money using their credit cards. They accumulated a lot of debts and had to pay high interest on the borrowings.

This is one way to get out of this heavy interest burden. You can approach your cooperative society to take a loan to pay off the credit card debt. The interest payable on the loan from the cooperative is at a modest rate, less than one third of the rate charged by the banks.

Be honest. Tell your cooperative society about your credit card debt. Assure them that you will make a genuine attempt to clear off the debt in installments, and that you will not borrow again on the credit card.

If you have a steady job and a good income, your cooperative society should be willing to help you.

You may be able to approach another bank to refinance the debt at a lower rate of interest. Some banks are keen to provide this assistance to acquire you as their customer.