This generation is exposed to easy loans and credit cards which lead to borrowing more to fulfill the long-lived dreams and desires. This might lead to a serious situation where the monthly expenditure and loan payments add up more than your monthly salary. When this situation arises, you again borrow further to fix the problem. But frankly, you are just piling up more and more loans which you cannot pay up for. This cycle keeps on continuing and you end up in a debt trap. Don’t lose hope; there is still a way to deal with this financial crisis.
Here are few ways to survive this financial stress without putting pressure on your wallet:
PLAN TO REPAY THE HIGH INTEREST LOANS FIRST
Start to prioritize repayment of all your loans. Begin with making a list of all your debts and then identify the ones which need your urgent attention. Preferably, begin by repaying the priciest loan such as credit cards and personal loans. By doing this, it will reduce your interest load going forward. Just pay the full amount you can afford against the highest loans without risking the repayment of other loans as well.
INCREASE OF INCOME =INCREASE OF REPAYMENT
This story is from the August 2018 edition of Mad About Money.
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This story is from the August 2018 edition of Mad About Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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