It is a new year. And A new year brings new resolutions. Let us look at some of the credit resolutions for 2021 you can consider. # 1 Reduce Debt This applies to those who are currently struggling with credit burden. There are only two ways to reduce credit burden. Reduce the quantum of debt (Possible… Continue Reading
I spoke to a client a few days ago. She told me that she ended up spending over 5 lacs in the recent Diwali season towards all kinds of purchases including gifts. A few insurance premium payments also came due in the month of November. While she had an idea that she will run a… Continue Reading
You are struggling to pay your loan EMIs. With the EMIs, credit card bills and regular expenses, you never seem to have enough. You can’t invest for your retirement or your kids’ higher education. What can you do to get out of this problem? It is not easy. However, avoiding self-goals and using a common-sense… Continue Reading
You have been struggling to make your credit card or loan repayments for a few months now. Bank officials and recovery agents have been breathing down your neck to make these payments. You have explored all potential options, but nothing has materialized. You have grown tired of all this. You decide to approach your bank… Continue Reading
You wouldn’t want to find yourself in a situation where you are struggling with debt. As discussed in many of our earlier posts, there are only 4 ways to get out of debt problems. Increase income Reduce expenses Reduce debt Reduce the cost of debt Or a Mix of all the above approaches In this… Continue Reading
Expecting a hefty annual performance bonus? It is the time of the year many of us start getting excited about the salary hikes and annual bonuses. Not everything is in your hands but the anticipation and excitement is palpable. There is much time spent in cabin gossip over a cup of coffee speculating over the… Continue Reading
Personal loans are easily available. Many banks even claim to provide instant personal loans. You get regular email alerts that you have a pre-approved loan. And if you are planning a very expensive vacation, don’t think twice because the personal loan is yours for the taking. The picture is rosy. Your ego is bloated. Cost… Continue Reading
Whether credit cards are useful or harmful depends on the person who uses it. To a prudent spender, a credit card means discounts, cash backs, reward points, easy and interest-free credit. To an irresponsible spender or someone who is struggling with cash flows, credit card may mean high interest rates, minimum payments, penal charges and… Continue Reading
Many of us have grown so fond of rewards points that we even want to make our investments through credit cards. Sounds good, right? It is like having a cake and eating it too. Many times, I hear this question (investment through credit card) at the end of the financial year when many of us… Continue Reading
Refinancing a loan simply means availing a loan from a new lender to pay off an existing one. You approach a new lender for loan refinancing/balance transfer. The new lender sanctions the loan and settles your loan outstanding with the existing lender. Subsequently, your obligation with the existing lender terminates and a new repayment obligation… Continue Reading