At this time mostly peoples are suffering from a common thing that is loans/debts. And if you’re one of the 70% of Indians who has a lot of loans then you would face many problems to live a rich life due to heavy loans. To come out from the loans/debt, you need the best plan, and you have to execute that plan properly. That’s why we have provided a few tips and tricks that may help you to come out from your high rated loans and debts. [इस समय ज्यादातर लोग एक सामान्य चीज से पीड़ित हैं जो ऋण है। और यदि आप उन 70% भारतीयों में से एक हैं जिनपे बहुत सारे ऋण हैं तो आपको भारी ऋणों के कारण समृद्ध जीवन जीने के लिए कई समस्याओं का सामना करना पड़ेगा। ऋण या लोन से छुटकारा पाने के लिए, आपको एक सर्वश्रेष्ठ योजना की आवश्यकता होती है, और आपको उस योजना को ठीक से निष्पादित करना होगा। इसीलिए हमने कुछ सुझाव और तरकीबें प्रदान की हैं जो आपके कर्जे से बाहर आने में आपकी मदद कर सकते हैं।]
Make a list of all Debts that you have
This is the most important thing to come out from loans and pay off your debt. If you want to come out from your loans and debts then you should make a list of all your debts in the descending order of interest rate. The payout that debts first that having more interest rate. [लोन से बाहर आने और अपने लोन का भुगतान करने के लिए यह सबसे महत्वपूर्ण स्टेप है की आप अपने लोन की लिस्ट तैयार करे. लोन की लिस्ट ब्याज की दर के हिसाब से तैयार करे. और सबसे पहले वो लोन को पे करे जिसकी ब्याज दर ज्यादा है ]
Basically, there are two approaches that are working good. In first you can make list small to large debts, In small to largest debts you can payout out your small loans first, By doing this you can declare your number of debtors. But in small to large debts, you have to pay more interest. In another approach. You can make a list of your debts as per the interest rate. This approach is very effective to come out for debts fastly.
Decide which Loan to pay first
By following the above steps you can pay your debts easily. But with the help of the above ways, you can pay that loans that having more interest rate or smallest debts, But still there are many types of loans that have to pay first like credit card bills. Here you have to decide which loans you should pay first from the list of all debts. [ऊपर दिए गाइडलाइन्स का पालन करके आप आसानी से अपने लोन का भुगतान कर सकते हैं। लेकिन इन तरीकों की मदद से, आप उस लोन का तो भुगतान कर सकते हैं जिसकी अधिक ब्याज दर या सबसे छोटा ऋण है, लेकिन फिर भी कई लोन है जिनका भुगतान पहले करना पड़ता है जैसे क्रेडिट कार्ड बिल। यहां आपको यह तय करना होगा कि सभी ऋणों की सूची से आपको पहले कौन से लोन का भुगतान करना चाहिए।]
Ask for a Lower Interest Rate to Save Interest Amount
If you have a large number of loans on the high-interest rate. then you should try for the lover interest rate to save interest amount. Interest rates can be reduced by switching your bank as well if you have a loan from the bank. If you have a loan form any indusial then you have to ask for it. Lower interest rates will help you to come out from your debs fastly.
Use Hidden Income as well to Payout loans/Debts
Hidden income can also help you to come out from your loans and debts. Hidden incomes can be in any form, As we know that come out from loans is not an easy task. We have to put our all resources to fight against loans and debts.
Make an Emergency Fund
It is very important for everybody to face a financial crisis. As everybody wants to live debts/loans free life and try to pay all debts as soon as possible, Sometimes while paying loans, We make this mistake and face a lot of problems. To avoid any inconvenience, We should make an emergency form. An emergency fund can be in any form like fixed deposit and mutual funds that can encash any time.
Take instant Decision to Stop Borrowing Money
If we are trying our best to come out from loans and debts and paying every single penny of our income. Besides this, we have to stop borrowing more amount. We should take an instant decision to stop borrowing.
Make a budget of all Expenses and stick to it
We can save a lot of money by controlling our expenses. To avoid unnecessary expenses, We should make a good budget and stick to it. Expenses can be rescued with the help of a good budget. Figure out that expenses that can be stopped right now and also make a list of all that expenses that can be reduced. By doing all these things we can save a lot of money.
Utilize your sources
If you want to pay out your loans and debts faster then you have to utilize all your resources. Resources can be in any form like your land and shop. Even your Gold ornament can be your resources. Nowadays a number of financial institutes are offering gold loans on the lowest interest rates. Loan on gold and land also can help you to come out from loans and debts.
Conclusion of the article
Come out from loans/debts required a lot of effort and sacrifices. We have to make a lot of planning for it. The above tips and tricks are based on knowledge only. We hope that this article will help you to come out of your loan and debts. If you want any kind of advice from the OID team please feel free to ask us through comments. The OID team will get you back as soon as possible.
Questions and Answers
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