Where there is a will, there is a way out of the debt black hole
5 years, 7 months ago

Where there is a will, there is a way out of the debt black hole

Live Mint  

The 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.

Financial Credit Loans Pay Loan Interest Credit Cards Card Way Rate Emi Your Debt Muthukrishnan Bad Debt Personal Debt Good Debt Paranjape  financial  loans  black  pay  hole  way  credit  loan  interest  card  personal  debt  rate

History of this topic

Debt trap: tips and options to get out of it
2 months, 2 weeks ago

Debt trap: tips and options to get out of it

The Hindu  

As per Reserve Bank of India’s latest Financial Stability Report, about 60% of borrowers who availed personal loans in the second quarter of FY 25 had more than three existing loans at the time of loan origination. Residual debt Borrowers still left with a sizeable debt should then avail credit facilities charging lower interest rates. Borrowers can also consider other …

Why now is a crucial time to pay off your credit card debt
1 year, 1 month ago

Why now is a crucial time to pay off your credit card debt

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. A combination of inflation, increased interest rates, and the …

Debt management: 3 strategies to pay off debts and stay financially healthy
1 year, 7 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 Avoid Falling Into A Debt Trap. Here Are A Few Simple Tips
1 year, 10 months ago

How To Avoid Falling Into A Debt Trap. Here Are A Few Simple Tips

ABP News  

Debt can be a useful tool for achieving financial goals, but it can also be a trap that can be difficult to escape. Create A Budget According to the MD and CEO of Zaggle Prepaid Ocean Services Limited Avinash Ramesh Godkhindi, financial well-being is a result of meticulous planning, rational choices, and informed actions. An emergency fund serves as a …

In your debt: 3 steps to lower the cost of your debt
2 years, 6 months ago

In your debt: 3 steps to lower the cost of your debt

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “We see debt as, ‘Oh my god, I screwed …

5 Ways to Tackle That Ever Rising Credit Card Bill
4 years, 3 months ago

5 Ways to Tackle That Ever Rising Credit Card Bill

News 18  

Credit card dues is perhaps one the most acute millennial financial problems. One cannot deny that credit cards has made shopping really easy and comes handy in emergencies but they could be problematic if you have been paying off just the minimum amount every month. Maybe go personal: One can opt for a personal loan to get rid of the …

Avalanche or snowball: which is your debt plan?
4 years, 10 months ago

Avalanche or snowball: which is your debt plan?

Live Mint  

When working as a debt counsellor with Abhay Credit Counselling Centre, an initiative by the Bank of India, V.N. Dedicate more resources to the debt with the highest interest rate, and pay the minimum to settle other debts. Once a person clears the debt with the highest interest rate, he will have more money in hand,” said Melvin Joseph, a …

Avoid turning your monthly credit card payments into EMIs
6 years, 5 months ago

Avoid turning your monthly credit card payments into EMIs

Live Mint  

I have 3 credit cards and my total monthly bill is ₹ 65,000-80,000. I am now unable to get out of the debt trap as I keep rotating my cards for monthly expenses and pay credit card bills with my entire salary. —Anshul Das The only good thing you are doing is to not letting the credit card payments turn …

Trapped in debt? Here’s how to get out of it
6 years, 10 months ago

Trapped in debt? Here’s how to get out of it

Live Mint  

Experts say debt usually has a major impact on emotions. If you are one of those who has been struggling to pay loans or have too many credit card payments left to make, financial planners tell you how to deal with it. For example, credit card followed by personal and education loans,” said Deepali Sen, a certified financial planner and …

What to do about heavy credit card debt
7 years, 11 months ago

What to do about heavy credit card debt

LA Times  

Dear Liz: I have a lot of credit card debt and am just able to make minimum payments. A Chapter 7 bankruptcy, by contrast, would take a few months and legally erase your credit card debt to give you a fresh start. Due to market downturns, I got nervous and was convinced to put my investment into the brokerage’s portfolio …

Discover Related