How to get out of a Debt Trap?
How to get out of a Debt Trap? https://www.fundstiger.com/get-out-of-debt-trap/ You land in a debt trap when your income falls short in paying for the EMIs and the interest keeps piling up on the outstanding amount. You end up taking fresh loans to clear off your existing loans and before you can realize, your debt situation spirals out of control. And once you are in, it only gets harder with time unless you rescue yourself out of it. Your credit score takes an ugly form, savings and goals go for a toss, and your debts continue to grow monstrous in size. If you find yourself in a situation like this, don’t lose your cool. Your first priority should be to get rid of high-cost loans credit card outstanding, personal loans, etc. Since it’s quite unlikely for an investment to generate returns that can match the cost of credit card outstanding around 40% it makes sense to pay off the dues by cashing out investments in mutual funds, gold, etc. Taking help from one’s family is another ...