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Best way to save yourself from debt

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Here is the quickest and easiest way to protect yourself from borrowing money at a high rate of interest. This trick was shared to me by one of my friends. So, here is what you can do in case of an urgent need of money is “Revolving credit.”

In this method, you will be required at least 2 credit cards to save yourself from debt. I will give a small demonstration on the topic.

Suppose, you have an urgent requirement of 20,000 bucks, but you need more than 30 days to pay back the borrowed money, and you do not want to pay any additional charges. Okay, now you have 2 credit cards with the limit of at least 50,000 or more, and both of them have the payment due date of 30 days. You transfer 20,000 from one of your cards into your digital wallet (just to save ATM withdrwal charges). Now, you have 20-30 days to return the money back into your credit card, but you know it is impossible for you to arrange money in such a small period of time.

Do not worry! Let’s say that today is the last due date, and you will now use your second credit card to refill the credited amount from the first card. And now, you have again 30 days to pay back.  Besides, in the meanwhile, you can arrange the money and return them little by little. So, in the revolving credit method, you can revolve your money from one credit card to another, and also reduce the amount to finish the process in the cycle of 60 days.

You can get more credit cards for higher amounts. I hope you liked this trick. Of course, it is good to use it only in an emergency. Let me know your views in the comments, please.

Image source: Michael West

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Written by Abhishek Verma

12 Comments

  1. That’s one interesting trick! I guess it wouldn’t be easy for banks to track this kind of activity, but I don’t think it would be a good thing if you ever get caught. ??

    • I do not take any debts and try to save money for “bad days” and unexpected expenditures, but I think it is a way for regular workers who get a good salary monthly, if there is an emergency, they can use this trick 🙂

      • If you have a good salary, you are a bad master that you do not have anything saved, my friend … this is my opinion … I never had any problems with this
         

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        • Well, I absolutely agree with you! I have also never had such issues, as I prefer to save… Just I think that sometimes, an emergency can happen, and it may require millions

  6. I use credit cards very judiciously. I hardly buy anything without real cash in my account. I use my debit card for almost all transactions.

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