Third way to get rid of debt
If you want to save money, this is the best way. Make a list of the debts that have the highest interest rates, like credit card bills or certain shopping loans. First of all, close the loan with highest interest by paying extra money. This will reduce your total expenses and you will soon be debt free. This is also called the ‘avalanche’ method.
Disclaimer: The information given in this article is only for educational and awareness purposes. This is not professional financial advice or investment advice of any kind. Loan management and repayment depends on your financial situation and the terms of the loan. Before taking any financial step, merging loans or starting a new EMI, consult your financial advisor (Certified Financial Planner).