Search

5 Effective Ways To Get Rid Of A Loan Trap

By SiliconIndia   |   Thursday, April 30, 2015
33
Separator
35
Separator
51
Separator
11
Separator
Print Print Email Email

BANGALORE: Getting rid of loans could help you become debt free. However, not all loans are easy to eliminate. Secured loans such as mortgage loans and automobile loans are backed by collateral. You must pay these loans off in full or forfeit the house, car or other collateral.

 Even then you could still be held responsible for a portion of the loan after the property is sold at auction. Unsecured loans, which do not require collateral, are easier to eliminate.

Let’s see how to avoid these loan traps:

1. Make Separate Lists

Make separate lists of your secured loans and unsecured loans. I1Get rid of the secured loans by accelerating payments until the loan balances are paid in full. Or, for a secured loan such as a house or car, sell the property and use the proceeds to pay off the loan. Add additional cash, if necessary, to pay the full balance.

2. Pay Off

Pay off as many of the unsecured loans as possible using your available cash. Choose other options if your cash is limited and the amount of outstanding unsecured debt is extensive.

Looking For Loan? Let us Help you !!!
Product
Name
City
Phone
Email
Loan Amount
Annual Income
Preferred banks
Captcha
Type the characters you see in the picture
  Submit
SPOTLIGHT
Bharti Airtel board approves
Telecom major Bharti Airtel on Thursday said its board of directors has approved fund raising ..
Banks need to raise own capital
Public Sector Banks (PSBs) may raise capital themselves to meet regulatory and growth ..
Brookfield to buy RIL E-W Pipeline
Canadian investor Brookfield has acquired the loss-making East-West Pipeline Ltd from Mukesh Amba..
90% of developing economies
Ninety per cent of developing economies, including India are falling behind or are at risk of fall..
Previous
Next