DEBT TRAP
HOW TO AVOID GETTING INTO ONE
Published By Aiman Mateen | 01 Oct, 2024
To escape a debt trap, assess your situation, prioritize high-interest repayments, and negotiate better terms with lenders.
Credit : PEXELS
Here are some tips to protect yourself from debt traps:
Credit : PEXELS
Acknowledge Your Situation
Recognize you're in a debt trap and assess your current debts and obligations.
Create a Budget
Track your income and expenses, cutting non-essential spending to focus on debt repayment.
Prioritize Debt Repayment
Pay off high-interest debts first and consider making extra payments when possible.
Debt Consolidation
Explore consolidating multiple debts into a single loan with a lower interest rate for easier repayment.
Negotiate with Lenders
Contact your lenders to discuss waivers, reduced rates, or extended terms to ease your repayment burden.
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