Credit card dues payments-dues

Srinivasan (Querist) 23 July 2009 This query is : Resolved
I have been using credit cards for the last five years or more.I have been prompt in paying my dues with in the due dates and have never ever failed in my payments.The only thing is that I have been paying only the minimum dues.

Now,because of loss in business ,I have no income for the last 18 months.I am paying the dues of my cards by taking loans from few Banks.

Now,the situation is too bad if not worst and have approached a legal adviser for help in settling.

Kindly let me know whether what I am correct in my approach as I have no other way of paying my dues except waiting improvement in my real estate business.

Please be kind enough to enlighten me on this subject.

Srinivasan

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Y V Vishweshwar Rao (Expert) 23 July 2009
You can approach the Bank and request the Bnak to convert the Credit Card dues as Personal Loan with 36 monthly installments repayment schedule with less rate of interest !