A Step-by-Step Guide On How to Get Out of Debt
3 years ago

A Step-by-Step Guide On How to Get Out of Debt

Deccan Chronicle  

Nobody wishes to be in debt, but sometimes, one needs to borrow money to buy important assets such as a house or a vehicle. A bit of clever planning and curbing unnecessary expenditure can eliminate debt faster and in more structured manner – or you are left repaying multiple EMIs for years. Take stock of how much urgent debt needs to be repaid by a certain date, and consider taking a personal loan to consolidate it. However, it keeps you in debt for the full tenure of the loan, and you also end up repaying more than you borrowed since there is an interest component in each EMI. Regular pre-payment also gets you out of debt faster – the money you pay over the EMI amount is deducted from the principal, so the overall borrowing reduces with each pre-payment.

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Personal loan for debt consolidation: Make note of these 5 key points
2 weeks, 3 days ago

Personal loan for debt consolidation: Make note of these 5 key points

Live Mint  

If you are running low on funds, opting for a personal loan is typically feasible as well as rational. To consolidate debts At the same time, you get an offer from a bank or a non banking financial corporation to raise a personal loan at 11 percent interest. Now, if you have an option to raise ₹15 lakh to repay …

Debt management: 3 strategies to pay off debts and stay financially healthy
1 year, 4 months ago

Debt management: 3 strategies to pay off debts and stay financially healthy

Live Mint  

It is certainly true that debt tends to accumulate more quickly than most individuals realize. This emphasizes the importance of a robust debt management strategy to settle debts while maintaining sound financial health. Adopt debt avalanche strategy: After locating the additional funds to pay off the debts, the next step is to choose how to put them to best use. …

How to get out of a debt trap? A short guide
3 years ago

How to get out of a debt trap? A short guide

Live Mint  

A loan might be quite beneficial, but it can also put you in serious financial difficulty. Simply described, a debt trap occurs when debt becomes nearly hard to repay due to high-interest rates, limited financial means, and several loans with multiple EMI payments. Short-term debt includes things like credit cards and personal loans, while long-term debt includes things like mortgages. …

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