Credit Card Debt: Expert Explains Path to Financial Freedom

A credit card lets you buy things now and pay for them later.

If you pay back all the money you spent by the due date, it can be a useful tool.

But if you only pay a small part each month, the rest keeps growing because of interest charges.

This is called credit card debt, and it can be very expensive.

An expert named Raj P Naraynam says credit card debt is the most costly debt most Indians carry.

His first rule is to never carry a balance and pay the full amount every month.

If you already owe money, he suggests stopping card use and paying off the highest-interest debt first.

Making a list of all your debts helps you see what you owe.

You can also ask your card company about paying in smaller installments.

Paying off what you owe is a big step toward financial freedom.