How to settle credit card debt?

To settle credit card debt in India, you can negotiate a one-time settlement (OTS) directly with your bank. This process involves paying a lump sum that is less than the total outstanding amount. While this provides immediate relief, it is often considered a last resort as it negatively impacts your credit score and history. Alternatively, you can request the bank for:

• Debt restructuring or converting the balance into easy EMIs.
• A lower interest rate due to financial hardship.
• Waiver of certain late fees or penalties.