As you love Diwali shopping and sampling tasty food with your mates. You’re seeing a devil around the corner – the debt of Diwali. It’s how you can kill this demon until it brings you nights without getting sleep.
Diwali is more than just a festival in India: people worldwide are taking advantage of this excellent chance to buy massive vehicles, gadgets, and machinery they have been saving for months. As the amount of disposable income has risen gradually over the years, a swipe of one credit card is all that is required today to close the purchase.
On the other hand, by offering a range of deals and exclusive discounts on loans. And Customers sustainability, banks, and retail outlets aim to satisfy this rising demand. As much diligent work as planning is required to make a transaction. It is crucial to redeem a comparable amount of thinking to assess if you can fix this dent with your savings. This essay will share some quick and nifty tips you can use to save your post-festive fervor from accumulating Diwali debts and marrying them.
[ Must read: How to Deal with a Debt Trap? ]
Business outlets use various tactics such as decoy pricing, which positions a product next to a slightly lower priced product or a little higher quality product. This way, you’re tempted to buy the product because the service that you get is moderately priced. Look out for bargain traps such as “Buy a Free one where the reduced price can cover all products’ costs. It’s nice to keep your eyes open when walking in a Diwali shopping area.
Your top priority should be to clear your Credit Card debt. Use your Diwali bonus to settle your mutual fund units or liquidate your fixed balance to earn a large sum of the Credit Card dues.
You may attempt to reach a fair compromise with your lender on repayment terms. For example, by applying for a lower interest rate or turning your outstanding Credit Card into EMIs. If you expect that the loan will be inaccessible.
A healthy credit mix is undoubtedly a requirement of a stable credit score. However, you should verify your ability to repay the loan with simple control before accepting a personal loan for major Diwali purchases. Determine just what amount of a loan you will take as the fixed and variable costs first are measured.
You might consider a debt restructuring loan to repay your duties in a single go. But if you’ve accrued debt on several fronts. There is a single borrower with a debt restructuring loan that is due per month. And that is the balance of the month for the creditor. The benefit of debt consolidation loans is that they have better interest rates and lower principal installments. Their maturity periods are still more extended, so read the printed fine before you plan to loan your other loans for debt consolidation.
You have one shot at yourself, and we understand that Diwali arrives only once a year. And hence you should not encourage the debt devil to control your financial decisions for the rest of the year. Taking prudent financial actions like paying your credit card and following the above tips. It will allow you to keep your spending in line and the debt demon in check.
In case the situation is going out of your way & you need an immediate resolution; a Personal Loan can be the best possible solution. Being one of the leading personal loan consultants in Dehradun, we can help you get the personal loan at competitive interest rates & processing fees.
[ Also read: Avoid these 5 Loan Scams this Year ]