Borrowing and credit basics

Mantra 2 - Earn extra money to pay your debt
  • Borrowing and credit basics

Mantra 2 - Earn extra money to pay your debt

In this piece, Arvind and Ravi discuss the second mantra - earn extra money to pay your debt. Arvind helps Ravi identify things he can sell to earn extra money and suggests his ways to increase his income.

Mantra 5 - Get your lender's help
  • Borrowing and credit basics

Mantra 5 - Get your lender's help

This is the last piece of the mantras series. In this piece, Arvind talks about the various ways your loan company can help in case of default. It suggests steps like contacting your lender asap and informing them about the reason for the delay, sharing your previous repayment history with them, etc. and informs you of the ways your loan company can help you deal with your debt. Then he informs Ravi about some ways his lender can help his deal with his debts.

Mantra 3 - Adopt a method to pay debt systematically
  • Borrowing and credit basics

Mantra 3 - Adopt a method to pay debt systematically

Arvind and Ravi are halfway through their 5 mantra plan and are meeting to discuss the third mantra - Adopt a method to pay debt systematically. Arvind helps Ravi chart out a workable method, which is best suited to his situation to pay off his debts.

Do you know the difference between good and bad debts?
  • Borrowing and credit basics

Do you know the difference between good and bad debts?

This article will help readers differentiate between good and bad debts. It talks about the basic factors like cost, if the loan helps you build an asset, if it helps you secure your future, etc. that differentiate good debts from bad ones.

Mantra - 5 Talk to the loan company for help
  • Borrowing and credit basics

Mantra - 5 Talk to the loan company for help

Most of you see lenders as hounds who only want to get their money back. But if you talk to them about your problems, you may find that there are many ways in which they can make debt repayment easier for you. Find out how Arvind showed Ravi ways in which he can seek help from his lenders.

Mantra 4 - Dig into your long-term savings to secure your today
  • Borrowing and credit basics

Mantra 4 - Dig into your long-term savings to secure your today

You save money to secure your future, but your present may need it more at times. Particularly when dealing with excessive debt, savings and investments can help you repay them sooner. Find out how Arvind helped Ravi identify sources of extra money to clear his debts.

Mantra 3 - Choose a systematic method to pay your debt
  • Credit history is your financial collateral

Mantra 3 - Choose a systematic method to pay your debt

One of the most common mistakes people make is repaying their debts randomly. Excessive debt is hard to get rid of and needs a systematic repayment plan. Find out how Arvind helped Ravi choose the right approach to tackle his loans.

Mantra 2 - Find ways to make extra money
  • Borrowing and credit basics

Mantra 2 - Find ways to make extra money

Have you ever found yourself struggling to manage your finances while repaying your debts? If yes, you may have to do more than just cutting down on unnecessary expenses. In this article, you will find how Arvind helped Ravi find extra money to pay off his debts.

Mantra 1 - Find money in your expenses
  • Borrowing and credit basics

Mantra 1 - Find money in your expenses

When you find yourself in a lot of debt, this first thing you should do is to reassess your budget. In this article, you will see how Ravi found money in his monthly expenses to repay some of his debts.

Is your debt controlling you? Read this to know
  • Borrowing and credit basics

Is your debt controlling you? Read this to know

Debts can either help you achieve life goals sooner or pull you farther away from them. Ravi was struggling with his loans too, but Arvind told him about these 5 mantras that will help him get out of debt.

How much debt is too much
  • Borrowing and credit basics

How much debt is too much

We all need to borrow money at some point in our lives. But it is very important to know when to stop and reassess our finances. This article mentions indicators that can tell you if you have more debt than you can comfortably repay. 

Did you know there are good debts and bad debts?
  • Borrowing and credit basics

Did you know there are good debts and bad debts?

Debts are inherently good or bad. It’s how we use them that makes the difference. There are other such factors that determine the nature of debt and the effects that it may have in your life.

When you decide to borrow

How smart is it to borrow from your friends and family?

How smart is it to borrow from your friends and family?

Borrowing money from loved ones may seem convenient, but it can get complicated if you don’t treat them like any other loan. Here’s a list of things you must keep in mind while borrowing money from friends and family.

Credit history is your financial collateral

Did you know your credit score doesn't just impact your borrowings but your job prospects as well

Did you know your credit score doesn't just impact your borrowings but your job prospects as well

You may have heard about credit scores if you have applied for a loan. But most of you may not know about its impact on things apart from your borrowings. This piece can help you understand other such ways in which your credit score may affect you.