In the last few years, India has experienced significant growth in its unsecured lending sector. In fact, as per RBI data, approximately 28% of the country’s total credits comprised personal loans. The data testifies that personal loans are one of the most popular forms of financial assistance among borrowers. Nonetheless, when availing a loan, you must know how to manage your debt effectively to avoid any negative impact on your credit report. Failing to pay a single EMI can bring down your credit score, which can significantly diminish your chances of availing credits in the future. How to manage debt effectively? Here are some pointers that can help individuals formulate a strategy to manage debt efficiently:
Reduce your EMI burdens and manage your debt effectively by implementing the techniques mentioned above. Must Read: Smart Ways To Manage Your Loan Debt
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |