Jasmine
VIP Contributor
If you have student loan, a house loan, a business loan, a car loan, a personal, and a credit card loan at the same time you have multiple loans. If your monthly loan repayment is just 10 percent of your monthly income, I think it is fine. However, if you are supposed to pay more than 40 percent of your income as a loan repayment, you are in real financial trouble. If you are in this situation, how do you begin repaying all of these loans if you do not earn enough to cover your monthly loan repayment?
First, you need to cut your other expenses drastically, even if that means to cut your expenses on essentials. The point is you need to have as much money as you need to pay your loan.
Secondly, you should start paying higher interest loan. In other words, you need to start paying loan with 10 percent interest first compared to the loan that has only 8 percent interest.
First, you need to cut your other expenses drastically, even if that means to cut your expenses on essentials. The point is you need to have as much money as you need to pay your loan.
Secondly, you should start paying higher interest loan. In other words, you need to start paying loan with 10 percent interest first compared to the loan that has only 8 percent interest.
