Where there is a will, there is a way out of the debt black hole
Live MintThe tragic end of V.G. D. Muthukrishnan, a Chennai-based certified financial planner, said, “If more than 30% of your monthly income goes towards servicing your EMIs on various loans, you are close to being in a debt trap.” If that number is more than half, you are definitely in a debt trap. “Credit card should be the first to focus on, it’s after all the most expensive form of debt,” said Muthukrishnan. “As a one-time exercise, you might consider getting a lower interest loan to pay off the high interest rate credit card debt,” said Paranjape. “Instead of being stuck with high interest credit card debt, it makes sense to swap the high interest rate credit card debt for a fixed rate personal loan of shorter duration,” said Satyam Kumar, chief executive officer and co-founder, LoanTap Financial Technologies Pvt.
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