Debt Trap: 5 Expert Tips to Escape Financial Crisis and Regain Control
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News18•28-01-2026, 19:48
Debt Trap: 5 Expert Tips to Escape Financial Crisis and Regain Control
- •Do not treat all debts equally; prioritize high-interest debts like credit cards over low-interest home loans.
- •Review monthly expenses to identify and reduce overspending, increasing your monthly cash flow.
- •Prioritize paying off high-interest debts, especially credit card balances, to alleviate financial pressure.
- •Differentiate between lifestyle and essential expenses; postpone non-essential spending until debt-free.
- •Utilize bonuses and tax refunds strategically to pay down debt, preventing wasteful spending.
Why It Matters: Don't panic if caught in a debt trap; strategic planning and prioritizing high-interest debts can help you escape.
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