Money Basics
Sunday, July 19th, 2009Exit options
If you find yourself in a debt trap and are not able to repay, discuss an exit potion with your lender. A personal loan might be the best way of servicing a large credit card debt, but ideally, that is all you should use it for. If you have taken a personal loan for emergency medical treatment, but end up with no way of repaying it, ask the bank if they will consider writing off the loan on compassionate grounds. The bank may also restructure it so that your cost is reduced. Or you could consider exiting a loan after selling assets like gold or stocks, when their market prices are high. And large credit card debt can be converted to equated monthly instalments (EMIs) at lower interest rates, if you asked.
Insurance
Insure a home or educational loan, so that the debt is paid by the insurance company in the event of the borrower’s demise. Do not forget to get a medical insurance, so that you don’t have to take a personal loan in the event of an emergency. An insurance seems to a must have in the world of today, as we do not know what will happen next. People are nice and healthy one minute and the next minute they are gone. Insurance help save their family.
Leave a Reply
You must be logged in to post a comment.