FINNACIAL LOSS I AM UNABLE TO PAY MY CREDIT CARDS DUE

Dear client,

Any Person caught in this trap cannot shift his liability hence the appropriate way is that the individual shall defend himself with a reason that why he could not pay his EMIs on time. The reason could be anything; he might have lost his job, an emergency would have arisen which consumed all the savings, expenses on education could have been huge or some other urgent requirement. The person can choose any of the following options:

Defer the payments: An EMI holiday for a few months by informing the bank about the inability to pay. A situation of this nature can occur during a job change or a temporary loss of business or employment. Banks can accept these as genuine reasons but may impose penalties for the deferment.
Reducing your EMI: If you are struggling with the EMI amount, consider having the monthly EMI reduced. You can approach the lending institution and request them to increase your loan tenure. This would reduce your monthly EMI amount though you may end up paying a higher amount in interest. Once your financial situation is sturdier, you should try to increase the EMI amount again.
Restructuring the loan: If a borrower is unable to maintain the terms and conditions of his loan, he can request the lender to relax the same. This may lead to a reduction of charges, lowering of interest rate, lengthening of the loan tenure, a moratorium on interest, etc.
Refinancing your loan: If your problem is one where the EMI is too high, due to either an increase in overall interest rates or any other matter personal to you that reduces your bank balance or a combination of these factors and others, then what the bank will do is restructure your loan.