What is Credit Card Settlement?

Definition: Credit card settlement allows you to pay a portion of your dues to close the account. Purpose: Designed for those facing financial hardship. Impact: Reduces financial burden but negatively affects credit history.

Evaluate Your Financial Situation

List Income: Include salary and other income streams. Track Expenses: Account for rent, utilities, groceries, etc. Assess Debt: Sum up total outstanding debt. Tip: Knowing your financial limits strengthens your negotiation position.

Contact HDFC Bank

Call HDFC customer care at 1860 267 6161 or 1800 202 6161. Explain your financial hardship and propose settlement. Keep your credit card details and identification ready.

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Negotiate Settlement Terms

– Start with a low but reasonable offer. – Opt for a lump sum payment for better terms. -Request an installment plan if a lump sum isn’t feasible. -Offers 20%-40% of the outstanding amount.

Get a Written Agreement

– Final Amount: Agreed settlement figure. – Payment Terms: Due dates and method. – Credit Report Status: Confirm it will reflect as “settled.” Tip: Keep a copy for future reference.

Right Decision

Settling your HDFC credit card debt can offer relief, but it’s essential to understand the pros and cons. Follow these steps to settle effectively and work towards rebuilding your credit for financial stability.

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