Hey I am on Medial • 1y
How to move out of the debt trap?
Doer of things. • 1y
Care to elaborate?
First of all pay all your loans with help of some friend of family and then repay them otherwise you will never be able to come out this trap as the interests will keep piling up.
Taking loans to repay loans is a bad idea at the outset in any case. I’m no fin expert but I’d suggest saving as much as you possibly can from your monthly income and paying off the debt before thinking of any other luxuries. If you feel the debt is too much to pay, talk to the company About your condition and get them to either a) reduce the interest rate or b) expand the tenure of the loan, thereby reducing the monthly interest
Means if I have already taken loan for something (personal) but the money is over and i took more loan and then also my work is not done so I take more and i end up not able to pay how to move out of this
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