Timeline for How can I break the cycle of taking on more debt to pay the rates for debt I already have?
Current License: CC BY-SA 4.0
6 events
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| Nov 11, 2020 at 21:54 | comment | added | Grade 'Eh' Bacon | @private Keep in mind that consolidating with a new loan will be almost useless if you turn around and get more debt on your credit cards by failing to control your spending. The root of the problem is income vs expenses, not specific debt used (though you should of course also try to reduce your rate of debt as much as possible). ALSO - be wary of counting on future income to "save your finances"; act NOW, so that tomorrow's surprises do not fail your expectations. | |
| Nov 11, 2020 at 14:53 | comment | added | thelawnet | ok, 3.8 to 4.6% per month is incredibly expensive and will eat you alive. That works out around 56-72% per year, and this is terrible. As your salary is increasing reasonably quickly (14-17% per year), the home loan is not a big problem, since over time it will be a smaller part of your income. You would need to check what 12% means, as different countries use different interest rate standards, but it's obviously a much better option than adding on to credit card that costs 50%+ per year. | |
| Nov 11, 2020 at 14:47 | comment | added | private | If I can get a personal loan of 2 lac at interest of around 12% then is it viable option. | |
| Nov 11, 2020 at 14:45 | comment | added | private | Interest rate varies between 3.8 to 4.6 per month for diff. Card | |
| Nov 11, 2020 at 14:37 | comment | added | private | Salary increase between 10-12 thousands each year. | |
| Nov 11, 2020 at 13:27 | history | answered | thelawnet | CC BY-SA 4.0 |