Are you also one of those stuck in a debt trap? Or Have you been riding the vicious cycle of debt but unable to get down? Worry not! We’ve got your back.
Here is some useful inside information that will help you come out of the vicious circle.
Credit facilities such as credit cards, personal loans, home loans help you fulfill your needs and desires. Instant access to these facilities ensures ease of life when you manage them smartly. But soon can be a pain in the neck if taken for granted.
Arpit works with a private firm & earns decent perks. He owns a flagship smartphone and a car along with a scooter. Movies on weekends, drinks with his friends & fine dining in lavish restaurants are his typical affair. Movies on weekends, drinks with his friends & fine dining in lavish restaurants are his typical affair. He didn’t pay attention, and soon the credit card bills started giving him pain. Therefore, he opted for a personal loan to consolidate all credit card bills into a single installment.
But this couldn’t go too long as due for some reason; he again started using his credit cards. Now he’s entitled to repay a personal loan. On top of this, four credit card bills every month. He again applied for a personal loan, but this time his lender rejected his application. The reason was he’s overburdened due to all the debt.
It’s one of the common scenarios of today’s generation. Spending money without giving a second thought to unnecessary things invites a vicious circle of the debt trap.
If somehow you’re also stuck into it, believe us! You can indeed come out of it.
Say No to New Credit: First, no matter your situation, you won’t apply for a new credit card or personal loan. Doing so won’t ease your life; instead, it causes additional stress & burden, and you won’t be able to come out of it.
Pay-Off the Expensive Loan First: Debt Trap Credit Card bills are generally expensive, up to 42% per year. Start repayments of the credit card first, and don’t use it until you pay the entire outstanding. Once you close credit cards, it’s time to kick out your loan.
Use assets to pay off loans in one shot: If you’ve fixed deposits, savings, or other movable assets, use them to pay off your existing debts. If this isn’t the case with you, approach your employer, relatives, or your close friend who can help you in this situation. Borrow some funds from them to repay the existing debt.
Don’t Forget to Speak to Your lenders: Assumptions or hope won’t provide you with permanent relaxation. Before it becomes a sticky situation, speak to your lenders. Tell them that you want to pay but unable to pay at present due to a lack of sufficient funds. Your lender can convert your huge outstanding to small equated installments. It’ll prevent late fees, additional interests & hectic collection attempts.
Reach Out to Experts or Consult with Financial Advisors: If you’ve tried everything but yet to get the solution, you better discuss your situation with a trained financial advisor. He or she will undoubtedly help you get the best possible resolution depending on your position. If you live in Dehradun, you may reach out to Fair Fincorp. Being one of the leading loan consultants in Dehradun, their qualified staff will ensure how quickly you can come from the debt trap.
If you think that you’re also weighing a debt trap on your shoulders or about to get stuck into it, you still have time to make a fresh start. Log on to www.FairFincorp.com or call 9897666966 to speak to our friendly staff.
Call Us
Recent Comments