Are You Taking Too Much Debt? Things You Should Keep In Mind
Published by Outlook Business
Abhishek Kumar's role: Quoted
Abhishek Kumar of SahajMoney suggested sorting spending into mandatory and discretionary items, and using windfalls such as annual bonuses to prepay high-cost loans like credit card dues or personal loans.
More of Abhishek's views on debt and loans
Outlook Business discusses when borrowing turns into a debt trap, citing rules of thumb such as EMIs above 50% of income or fixed expenses above 70%. It covers taking stock of loans and their costs, separating essential from discretionary spending, repaying the costliest debt first, an emergency fund for six months of fixed expenses and tax-linked loans. The article includes comments from Abhishek Kumar.
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Are You Taking Too Much Debt? Things You Should Keep In Mind
