In the time, there will be very few people who will be able to escape from the loan trap or else the youth of the country as well as the old people will get caught in the web of this loan. 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, people are very happy when money comes together. However, when it comes to his EMI, he realizes that he is trapped in the trap of confusion and gradually gets buried under interest. If you too have taken many loans and want to get out of this illusion, then this news is for you. We are going to tell you five ways, by adopting which you can avoid debt pressure to a great extent.
1. Pay your EMI on time if possible
First of all, we will tell you that if you have money, then keep paying EMI on time as much as possible. Which will avoid additional interest. We are saying this because it has been seen that if a person has money, he spends it on his hobby. Then when it comes to EMI, there is some problem.
2. Take a loan from big banks, avoid loan apps
If you need a loan and you are in a big problem, then take a loan from a big bank. Do not get into any loan app again. These loan apps change their policy and increase interest rates. Also, their interest rates are also the highest. Therefore, if you want to take a loan again, do not get caught in a small loan.
3. Do not take a loan again
It has been seen in the women that we take another loan to repay one debt. This doubles the amount of interest, because we take even a bigger debt to repay the loan. So this also increases interest on loan.
4. If you have more debt, then first pay this loan.
If you have taken more than one loan, then the loan with the highest interest rate should be repaid first. And people with low interest rates can be paid later. But many times it has been seen that people do not even care about what the interest rate is on which loan. Due to which they are unable to plan.
