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Home » Working Women » Money Planning » Golden Rules To Avoid The Debt Trap
  • Never take a debt where the monthly repayment is more than 50% of your take-home salary.

  • Don't let the interest component of a loan get out of control. So make sure that you do not borrow at exorbitant rates.

  • Pay off your debt with your savings if the cost of debt exceeds the returns from your savings.

  • There is always room for negotiation with your lender. Always be alert to find a better deal.

  • Try to keep the number of credit cards that you own to the minimum.

  • Never use one credit card to pay off the outstanding amount of another credit card.

  • Every few months try and ensure that the balance in your credit cards is NIL.


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