People may often take personal Debt for various purposes.
Many times people take too much Debt and fall into the Cycle of Debt.
Repaying Debt and removing the interest burden is difficult. As we know that earning sources are limited. Most of the income earned is gone to Repay Debt, and no amount is left for saving.
The best advice to control your Debt is to maintain moderate Debt compared to your income level. By taking more Debt even if you can complete your wishes, .later on it, the interest burden removes the joy of goods and services you enjoyed by taking more Debt.
So if you fall into a more Debt income cycle. The best thing you can do is
- convert your high interest debt into low interest debt
- reduce your expenses.
- reduce investment
- increase income earning source.