How to Manage your Debt ?

Firstly What is DEBT?

DEBT is something which you owe to someone where ‘Someone’ may be a Person, Bank or NBFC etc.

And Now How to Manage your Debts?

1. Always do Budgeting that how much you Earn, Spend and OWE. This will help you to manage your finances well by providing you Insights on your Expenses , Savings and Repayments.
2. DO NOT take too many Loans as you will have to Pay too many Minimum Charges and Fees.
3. PAY all of your Dues on Time and Save yourself from Paying Hefty Charges. Set Reminders to never miss any due date ans Also this will help to Improve your Credit Score.
4. Avoid paying only Minimum Amount Due [MAD] as this can make you MAD as well. HAHA Just Joking but please Clear all of your Due Amount as you will end up by paying interest on the Balance Amount Due.
5. If Any of Your Loan is Due for long Time then Try doing Early Repayments as you will save on Interest Charges.
6. Always make a Smart Decision by Chosing only those Loans or Credit Cards which are having less interest and Annual charges .
7. Build an Emergency Fund to save Yourself from Debt Trap.
8. Prioritise your Debts and Pay Off those debts first in which you will end up paying huge amount as late Repayment charges.
9. Do Not Spend too much on Unnecessary things, so that you will be on a Safer side.
10. TRY Making Money from a Second Source of Income and Never Ever take a loan to Repay your Debts.

THANKS FOR READING