It's completely irritating to trap in debt at the end of month. In a blink, salary vanishes. Work throughout months to have a better life and better life seems 'mirage' or mostly like "पूस की रात - (Poos ki Raat)".
You earn money to make your life easier and at the end of month "lenders vanishes with your money before your life becomes easy". However, somehow we are also responsible for this conditions. There can be multiple factors based on our life's situation.
But what-if, you would have better life and end your debt. But as it's going to take some effort if you are serious and victims of debt.
Based on Samrat Investments' research and consumer survey report, few traits came out to solve the debt issue;
Say ‘NO’ to another new debt before you cover up earlier,
Start paying for the debt with higher interest rates, until you end it from root,
You have multiple options, take your time to choose the lower rates debt,
If you haven’t created “Emergency Fund” then, Make it Now
Write your expenses to monitor your monthly expenditure & get benefits of deal,
Always try to use your potential for multiple sources of income, don’t choose wrong side for the sake of money only.
Start with higher interest rates or debt with lesser installations & end it completely,
Try ‘Debt-snowball method’
Pay for more than your installation every month,
Knowledge is most important aspect of finance;
a) Try learning 1 or 2 articles each month,
b) be updated with market inflation or general financial tips,
c) learn about financial freedom,
d) understand smarter savings etc..
11. Give time before savings and choose your options wisely,
12. Understand your financial conditions and be updated with monthly financial charts.
Now, 1 thing is sure that if you don't take any step, you will have to suffer whole life. So it's better start taking initiative and wife off your financial issues. It will take few years to be happier again.
It’s happier to wake up completely debt-free, and just in few steps and a habit to end the debt. For you and your family.
Use the expert advisory and make your life and salary work as of your desire.