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I’ve been running this Credit Card and Loan Advisory for over 8 years and during this time I have not come across a case as terrible as this one where HDFC Bank’s Credit Card’s division has optimized its accounting algorithm to levy Late fees, Over Limit Fees and push the consumer into severe debt trap.

A reader sent me an e-mail stating that he had spent a mere Rs 14,277 using HDFC Credit Card, and has already paid a whopping sum of Rs 1,04,612 [One Lakh Four Thousand Six Hundred Twelve] and the bank at its whims and fancy keeps raising bills which he is no position to pay and hence had prayed for help. I couldn’t believe if this was True and hence demanded statements. The user sent

Read moreHow HDFC Credit Card’s Rip Off With Late Fees & Over Limit Fees Lead You into Debt Trap ?

In the past few days, we have been receiving various queries on credit card defaults and delayed payments which has taken the payment obligation of the borrower to few Lakh rupees. If you are in the same situation as these guys are, here is what you have to do.

Update on 23-12-2009
Many complained that the Banks were unwilling to lend an ear to your settlement offers. So the first step now should be to contact BCSBI who will counsel you on how to get out of this debt trap.

Talk to the bank who issued the card and negotiate hard. Tell them you would like to pay off in good faith and ask for concession, yes put all your negotiation skills to work here. Once you both settle on some amount these are the steps