In this article, we are going to see how to come out of debt trap. For those who want to know, what is debt trap, please read here.
Below are some of the suggestion you could consider to get yourself out of the debt trap,
- See if you can close any loans and recover maximum cost out of your asset.
- Try to move your loans to new bank which offers the loan at lower interest rates.
- If you have any savings in the form of Fixed Deposits or Recurring Deposits, you could break them and use it to close your loan or make pre payments to bring down the financial burden.
- Last but not least, find ways on increasing your income. Look for part time jobs where you could make additional income.
The biggest asset one can have is zero debt.
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