In spite of Steady/Regular income there are 10000000+ no of individuals
who live SALARY to SALARY or Month to Month, are unable to pay their credit
card dues and fail to save enough for their golden years (Retirement)
If while reading above you feel this is happening to you or can happen...
Then its an ALARMING SITUATION and you should take control of the same.
??? 1st and foremost ISSUE/PROBLEM of people with debt is that
they are actually unaware what is the total debt !!!
$$$ 1st SOLUTION: Make a complete list of all you loans/debts like
· LOAN FROM FRIENDS, RELATIVES, ETC
· PERSONAL LOAN
· LOAN FROM EMPLOYER
· LOANS AGAINST ASSETS LIKE FD, Insurance Policies, etc
· CAR LOAN, HOUSING LOAN, EDUCATION LOAN
· CREDIT CARD DUES .
The list should include the total loan/capital amount & Interest amount to be paid
The following steps should be implemented as a remedy to lower your debts/loans.
Ø Try to negotiate for a lower rate of interest with the lenders
Ø Postpone buying any major (Expensive) Assets.
Ø Stay away from Cards
i.e. Credit Cards, Debit Cards
Change your spending habits
Being in debt obviously means that you have been living beyond your means.
The solution is very simple.
o Spend less than you earn and you will get out of debt soon Consider renting a DVD than visiting the Multiplex or consider using public transport then using your CAR.
o Inform to your friends/relatives they may also be kind enough to lend you a friendly interest
free loan to take you out of your OUTSTANDING LOAN WITH INTEREST.
ü If you buy things you don't need, you'll soon sell things you need.
Don't save what is left after spending; spend what is left after saving.
Moiz Choolawala
Managing Partner
RallyIN Consultants LLP
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