Debt Is the main source to destroy our wealth. Once we controlled the debt.Free your wings in freedom of all financial activities.
1. Arrange Debt Order.
Step to clear the debt Find out the Overall debt and arrange it in order for your convenience descending to ascending.
It is the easiest method to clear the debt because you clear a number of accounts quick in descending method you feel it's comfortable 5 loans to 4 loans decreasing the accounts.
2. High Interest Priority.
Find out the higher interest rate of the following debt figure. And more concentrate on the debt first and then close that account as soon as possible. That account is your major burden and eats your income simultaneously.
Any property you have to sell it first and solve your lending in whole values it is the easiest way, don't think that sentiment values in the land, your lending will sink you to over debt position, so clear it as soon as possible.
3. File Bankruptcy Request.
And first do file the Bankruptcy in Bank and credit card, If you lend interest money from your friends request them to waive off the interest or low interest or settle down in part ask them. It will help you.
By closing the cheaper financial products and decrease your spending, you should have a little extra cash on that segment. Instead of treating yourself for being rich.
Change the cash right back into your debt and closing it soon. Put more money as possible towards paying the debts each month. You can sort out the lendings as much sooner. It is a way to detox your financial plans
4. Stop Investing Method.
Yes, stop contributing to your PF and Pension plans. And want all your income to go toward getting out of debt. Once you clear the debt and have saved two to four months of expenses in an emergency fund, then start your contributions towards the PF.
Stop eating food out expensive ways, party on a weekend is unwanted increasing your debts and Budgeting your monthly plan, and follow it strictly. And take preparing food and takes it and it is cheaper than buying outside and healthy also.
5. Add Extra Income.
Start side Hustle to adding your income to start making content s in youtube, and Podcasting your voice content, going to part-time jobs, rent out the car going to drive in uber, Food delivery jobs and earn some extra income in that to settle down your Debts in early.
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And cut down the waste expenses like Video streaming yearly subscription, Unattended gym subscription, Less fuel consumption vehicle, unwanted outings, eliminating addictive habits like smoking and drinking
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