Credit card debt : huge credit cards debts

Fatawa Question

Huge credit cards debts ? Salam U Alakum Br. Monzer, I hope all is well with you. I wanted to seek your opinion regarding my current financial situation. I have approximately $ 20 K in credit card debts which are on Zero percent interest cards. They expire later in 2013. I also have an additional $ 20 K in debt on interest accruing / charging cards (these used to be zero percent). I really can't afford to pay the debt off and am paying monthly minimum payments. I have a few choices 1) Filing bankruptcy 2) Trying to settle the debt. 3) Pay it off slowly including interest From an Islamic point of view, I know I am already in haram (by paying interest on cards) but I am trying to do the right thing and get out of this situation with least amount of haram. Please provide some guidance on the Islamic position in regard to making the right choice Jazakum Allah Keir, Ahmad

Fatwa

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Publication Date

2012-12-12

Main Subjects

Economics & Business Administration
Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Debts
• Usury
• Credit cards

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-728441

• APA
• MLA
• AMA