Utility News Desk!!! In today’s time, there will be very few people who will be able to escape from the loan trap, otherwise along with the youth of the country, the old people will also get trapped in this loan trap. According to the RBI report, only 15 percent people take loans for their needs, the remaining 85 percent people take loans for their hobbies and fun. First of all, people are very happy when money comes together. However, when it comes to his EMI, he realizes that he has fallen into a web of illusion and slowly gets buried under the interest. If you have also taken many loans and want to get out of this confusion, then this news is for you only. We are going to tell you five ways, by adopting which you can avoid the pressure of debt to a great extent.
First of all we would like to tell you that if you have money then keep paying EMI on time as much as possible. Due to which you will be saved from extra interest. We are saying this because it has been seen that if a person has money, he spends it on his hobbies. Then when it comes to EMI there is some problem.
If you need a loan and you are in big trouble then take a loan from a big bank. Don’t fall into the trap of any loan app again. These loan apps keep changing their policies and increasing interest rates. Besides, their interest rates are also the highest. Therefore, if you want to take a loan again, do not get trapped in a small loan.
It has been seen among Indians that to repay one loan, we take another loan. This doubles the interest amount, because to repay the loan we take an even bigger loan. So due to this the interest on the loan also increases.
If you have taken more than one loan, the loan with the highest interest rate should be repaid first. And those with lower interest rates can be paid off later. But it has been seen many times that people do not even care about what is the interest rate on which loan. Due to which they are not able to plan.