7 Tips to Reduce Your Debt Burden

By techsupport15 | Updated: July 29, 2024, 4:08 a.m.

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Last year was tough for most of us with the new variants and different waves of COVID-19, making many people create more debt than what they could easily repay. Therefore, this year, it is crucial that you take your debt seriously, not just until your other New Year resolutions last, but all year long. In this video, we have explained 7 new year resolution tips to reduce your debt in 2022. *The content of this video is powered by PersonalFN.

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7 Tips to Reduce Your Debt Burden
Amid pandemic, many people have created more debt than they could easily repay due to financial difficulties and medical emergencies. Therefore, this new year, it is crucial that you take your debt seriously, focus on debt reduction, and follow these 7 new year resolution tips to reduce your debt.
List your unpaid loans and credit card dues to know your total debt and create a budget to clear off the maximum debt this year.
Make a Budget
1.

It is crucial to control your spending and cut down avoidable expenses to reduce your debt.
Avoid Unnecessary Expenses
2.

Always pay your loan EMIs and credit card dues before the due date to avoid late payment fees and high-interest charges.
Pay Your EMIs on Time
3.

Any additional loan can put you in a debt overhang situation, especially when you are under a debt burden.
Say No to New Loans
4.

To clear off your debt, you may consider debt consolidation or the debt snowball method based on your suitability for repayment.
Choose a Suitable Method for Repayment
5.

The additional income you receive might be utilized to pay off your loan earlier or save the amount for foreclosing any future loans.
Increase Your Earnings
6.

Seek assistance from financial guardians or consultants who can guide you to come out of the debt trap as soon as possible.
Take a Professional Help
7.

Thank You
Email: info@moneysimplified.in
www.moneysimplified.in
Tel.: 022 61361200 Fax.: 022 61361222

7 Tips to Reduce Your Debt Burden

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