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begetos · Veteran Member

How to avoid debts when repaying a loan?

hazele · Newbie

First of all, you have to create a budget then follow these steps:

First, pay off the most costly loan.

Pay more than the lowest balance.

Stop the expenditure of your credit card.

Use an app to reimburse the debt.

Delete online shop credit card information.

Sell home goods and unwanted presents.

dikayef · Member

I don't like the idea of loans. In fact, what you buy on credit will be too expensive for you.

Garganzolla · Member

To avoid loan debt, it is important to keep a family budget. You know how much money you will get in advance and have to set aside a portion of the amount to pay the loan. This is a working strategy as I have been paying my mortgage with this strategy for several years. I took out a mortgage to buy a house. These Mortgage Advisor Cambridge guys helped me get the money at the lowest interest rate. I am trying to pay my mortgage as quickly as possible to overpay less. I didn't even know it was possible to save so much money.

-- Edited by Garganzolla on Sunday 20th of March 2022 06:35:18 PM

denisbroad · Member

Hi guys. Sorry for bumping the old thread. I have a great IMO start up idea, but I don't have any money to make it come true. Is it worth taking out a loan?

BryannaBest · Newbie

Hey! Great question. It's important to have a plan to manage debt when repaying a loan. A few tips to help stay on track: 1) Stick to a budget - allocate specific amounts for loan repayments and avoid overspending. 2) Pay more than the minimum each month - even small additional payments help to reduce the principal amount, which in turn decreases the interest you pay. 3) Keep an emergency fund to handle unexpected expenses and avoid taking on new debt. While these suggestions can help, consulting a Mortgage Broker in Harlow can offer more tailored advice, ensuring you tackle your debt in the best possible way. Good luck!