Understanding Credit Card Defaulters

Posted by Mayardi Perrona

September 14, 2009

You should know your responsibility as a credit card customer. If you do not pay your credit card dues you may be black listed by a bank. You should know the consequences of being a defaulter. One should take it extremely seriously.

Other banks may decline to issue credit cards to you. It may affect your chances of getting loan in the future. Every bank works according to the set norms. If the bank requests not to put post dated cheques in the collection box dont do it. It becomes difficult for the banks to segregate current cheques from the post dated cheques. If it is possible give standing instructions for debiting a specific bank account on due date. If any dispute arises settle with the bank. This is a digital age and your default will follow you wherever you go. If the bank does anything wrong, approach the statutory body. It can and does give directions which are binding on the banks. Read about the decisions given by then in recent past. If you area defaulter but you have done a full and final settlement with the bank, still you are black listed approach a good lawyer to take up your case. You should be aware that Credit Bureau keeps track of all your payments good or bad. Pan, date of birth, name variations are used to match up records.

Dont let other people use your credit card. Only you are responsible for all the transactions. Credit card requires responsible handling any lapse may cost you a lot. If you dont have any outstanding on your credit card and want to close it during validity period , cut your card into four pieces and send it under acknowledge due post to the address given in the billing statement.

If your card is lost, immediately call the bank and report the matter. The bank staffs will hot list the card. You should take the acknowledgement number for your report. Your liability ends from that time onwards. If you want to get a new card issued you will have to pay replacement fee.

Banks are getting tougher on credit card defaulters. A credit card may give you a lot of grief. You may get threatening calls. If you are really in trouble and the bank employee is crossing the limit first try to settle the mode of payment. If still it happens call up the bank and complain bitterly. Being more judicious is the best thing to do while using a credit card.

Are you in a business? then a business credit card can actually help you a lot. Find today more info about low rate credit cards and no fee credit card deals for your business.

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