Loans To Get Out Of Debt – Getting out of debt is easy if you recognize the problem and take responsibility for it. In fact, it can be a boon for couples, helping them make long-term lifestyle changes and gain more control over their financial well-being.
“Financial peace isn’t about buying things. It’s about learning to live with less money than you earn, so you can pay back and keep money to invest. You can’t win until you do.”
Loans To Get Out Of Debt
Shruti and Pankaj are a young couple who got married a year ago. Even after their marriage, they continued their high-consumption lifestyle, partly for instant gratification and partly for show. They soon realized the mess they had created and ended up in huge debt. Since they are planning to start a family in the near future, they are trying to get out of debt as soon as possible.
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The consumer boom and the culture of online deals and discounts have plunged many young families into deep debt in the early years of their financial lives. Although it may seem scary, it only happens if you do not wake up in time and do not take appropriate measures to solve it. In this article, let’s explore some proven tips to help you start 2017 on a strong note and get out of debt.
Often, the biggest reason families end up in debt and financially unstable is that both partners do not discuss money matters. Also, they both see money through a completely different lens. As a result, there is no one-size-fits-all approach to saving, investing and financial planning, and when things go wrong, a blame game ensues, which in some cases ends in a messy divorce. happens So, the couple first needs to sit down together and admit the problem. Then, they must agree to do whatever it takes to resolve it. And if this is done, half the battle is won.
A common feature of such families and the main cause of chaos is that they do not monitor where they are spending money and how they are saving it. As a result, instead of planning ahead and reducing expenses, money is borrowed. So, starting today, get a diary and start recording your daily expenses. This will give you a lot of awareness about your spending habits and help you figure out how much you have left after accounting for your expenses. This will help you know how much money you can set aside to pay off the loan each month and help you get a clear idea of how long it will take to pay off all the loans.
Not all loans are bad. For example, housing and education loans can be classified as “good loans” because they come with low interest rates and some tax benefits. Conversely, debts such as unpaid credit cards, personal loans, and auto loans may be classified as “bad credit,” which carries a slightly higher cost.
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So, first open an Excel sheet and take inventory of all the loans you’ve taken as a couple up until that day. Add a column and set the closing priority (prioritize bad loans over good loans). Now, set target due dates for each of your loans based on how aggressively you can save and pay them off. This sheet should serve as a reference point for your success. Set a reminder to revisit this page every month to see if it’s on track.
If you play sports, play hard! Start living frugally, and aggressively use whatever extra savings you have to pay off your debts. Scan your bank accounts for idle cash or fixed deposits and use them to pay off those debts. You have received your annual bonus or windfall or inheritance, apply for it.
Add some fun and drama to your workout: Designate December 31, 2016 as Debt Free Day. Write it in big words and keep it in your room or somewhere you can see it. Associate this goal with memories of happiness and debt relief. Appoint an accountability buddy – a close friend or office colleague – who has the authority to “demand” your progress status from time to time. Alternatively, hire a certified financial planner who can create a customized loan repayment plan for you. Do whatever it takes to stay motivated and on track.
If you want to make lasting changes and make sure you never fall into debt again, start changing your lifestyle now. As long as you live within your means and don’t rely on debt sticks to make your life’s dreams come true, financial security isn’t far off.
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For Shruti and Pankaj, this wake-up call to get out of debt should be a boon that can encourage them to be more financially aware and responsible.
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Wherever it is, there is a way out of the black circle of debt. Read 6 minutes. Updated: 06 Aug 2019, 20:36 IST Bindisha Sarang Premium
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The tragic end of V.G Siddharth, founder of coffee chain Cafe Coffee Day (CCD), reminds us how accumulated debt can drive a person to the brink. A day before Siddharth was found dead on the banks of the Netravati River in Karnataka on July 31, an inscription believed to be written by him was discovered, later buried under a mountain of debt, valued at €11,000. is estimated to be more than While this is a staggering figure, small loans can be just as burdensome if you can’t service them. Just last month, a man jumped off a building in Delhi with his daughter in his arms after defaulting on a loan of Rs 8 lakh; A few minutes later his wife also jumped. Such cases are not a recent phenomenon. In a shocking incident in 2007, Prakash Saravankar, a 38-year-old resident of Mumbai, took his own life and blamed a rescue agent for his death. He allegedly took a personal loan of ₹50,000 from the bank and was followed by the bank’s bailout agent.
Unknowingly falling into a debt trap is of course a problem, but not being able to handle the situation properly is a bigger problem. There are ways to manage debt, especially personal debt, and eventually get out of it. We’ll tell you how to do it, but first do a reality check.
The first step is to know where you stand financially. If you’re one of those people who live paycheck to paycheck, borrow from friends or family to make ends meet, swipe credit cards to cover your needs, and take out loans to buy possessions and experiences. If you take it, you can go to it. Debt trap or can be (our financial life in red test to determine your situation). Because it’s so easy to get a loan these days, sometimes you don’t even realize you’re living on the edge financially.
Chennai-based Certified Financial Planner D. “If more than 30% of your monthly income is spent on servicing EMIs on various loans, you are in a debt trap,” says Muthukrishnan. If this number is higher. Half, you are definitely in debt trap. While some planners may think that 30% is a conservative number and 40% is more realistic, 50%, even if it is only going towards servicing the Equitable Monthly Installments (EMIs), is definitely, too much. . Home loans are generally considered good loans.
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Like home loans, not all loans are bad. Mumbai-based certified financial planner Mukesh Dedhia says, “There are basically two types of debt. Good and bad debt. A loan taken out to finance an appreciated asset, such as a home loan, is an example of good debt. After all, the value of your home can only increase in the coming years. A loan taken to finance a depreciating asset is a bad loan.” For example, buying an expensive smartphone that you can’t afford.
If you feel that you really have a problem, don’t despair. Everything has a method. All you need is determination and a lot of patience to get out of debt.
Before you start attacking your debt, you need to change the way you think about saving and spending. Parag Paranjape, a Nagpur-based certified financial planner and founding director of Think Consultants, a financial planning firm, says, “Reduce your expenses. It won’t be easy. The equation goes from “income – expenses = savings” to one in “income”. There will be a mental change.
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