Archive · 15 Aug 2026
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.
Credit card debt is described as the most expensive and most avoidable debt most Indians carry.
Expert Raj P Naraynam advises never carrying a balance and paying the full outstanding amount every month.
Paying only the minimum monthly amount lets the remaining balance attract interest and take much longer to repay.
For multiple balances, listing all dues and clearing the highest-interest debt first can reduce the overall interest burden.
Borrowers are advised to temporarily stop using credit cards and discuss EMI or repayment options with their issuer.
- Who
- Raj P Naraynam, Executive Chairman of Zaggle, and Indian households carrying credit card debt
- What
- Expert guidance on breaking free from high-cost credit card debt to achieve financial freedom
- When
- Around 15 August, India's Independence Day
- Where
- India
- Why
- Credit card debt carries high interest charges and is seen as one of the biggest obstacles to financial freedom
- Expert
- Raj P Naraynam
- Expert's role
- Executive Chairman, Zaggle
- Core advice
- Never carry a balance; pay full outstanding amount monthly
- Risk of minimum payments
- Remaining balance attracts interest and takes longer to repay
- Debt strategy
- Pay highest-interest debt first; consider converting to a lower-rate EMI
- Debt description
- Most expensive and most avoidable debt most Indians carry
- Context day
- Independence Day, 15 August
- Market
- India