Debt Strategy Analysis: Borrowing is a popular way of achieving short and long-term financial goals. But, rising interest rates and loan tenures have made borrowing costly and challenging, especially for those managing multiple loans. Being debt-free may seem difficult in such a situation, but it is possible with robust financial planning and discipline. If you aim to be debt-free in 2023, here are five strategies you may consider adopting.
Know what you owe
Start by listing the exact status of all your existing loans. Take stock of all the EMIs you currently pay and note the stage of repayment you are at with each loan. Prioritise paying off your short-term loans first, i.e., loans with a tenor of up to 3 years. Long-term loans in the i…
Read the full article at: https://indianexpress.com/article/business/five-strategies-to-help-you-be-debt-free-in-2023-8338972/