Over time, people often accrue debt. Some of the debt is positive, such as loans for your marriage or medical emergencies, or buying some items. One of the most common queries I came across is how to get rid of personal loan debt. Getting out of personal loan debt in India involves a mix of strategic choices, discipline, and occasionally tough decisions. I have shared a few tips below.
Tips to Get Out of Personal Loan Debt
Here are some tips.
Consolidate high-cost debt. Take a lower‑interest personal loan to pay off multiple outstanding debts, like credit cards or app-based loans. This simplifies repayment and often saves on interest.
Prioritize expensive liabilities by focusing on loans that carry the highest rates, usually credit cards and unsecured personal loans, while making minimum payments on others.
Create and stick to a strict budget, cutting non-essential expenses so you can channel more funds toward debt repayment.
If you receive any bonus, tax return, or extra income, pre-pay or part‑pre-pay your loans to swiftly reduce the principal and interest burden.
Avoid taking on fresh debt while you’re in repayment mode, as this can worsen your financial situation.
I hope you found this information helpful.
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How to Get Rid of Personal Loan Debt?
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2025-06-17T12:20:54+00:00 2025-06-17T12:20:56+00:00Comment
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