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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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