Over-borrowing is bad, what’s worse is going for the settlement option
The interest outgo on any credit card debt or unsecured loan will increase if you delay the payments of bills or EMIs
Non-payment or even part payment or one-time settlement will also hit your credit score
It is that time of the year when you find neighbourhood markets, malls and e-commerce websites full of offers and deals across products. Even banks and financial institutions are offering easy and instant financing schemes with zero processing fees and low interest rates. Before you get swept in by the festive euphoria and end up taking credit, remember that taking too much debt through unsecured loans can create problems for you if you are unable to pay up on time.