Over-dependence on debt for upgrading your lifestyle by acquiring consumer goods leads to a debt trap, which, if mismanaged, becomes irreversible. Avoid impulsive buying at all cost and avoid the temptation to stretch your purchases. The credit card spends and personal loans are unsecured loans and carry a high interest rate. They are primarily taken for purchase of consumer goods or on lifestyle expenses. This makes them qualify as ‘destructive loans’ unlike home loans that helps in creation of an asset.
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The pure term insurance plans are low premium, high cover plans. The premiums paid towards them are entirely for risk coverage (covers the mortality charge) and therefore on surviving the term of the plan, one gets nothing. The online term plan can be 30
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The cost of education is rising. According to some estimates it is rising by about 10-12 percent each year. Even by conservative estimate, if education cost inflation of 6 per cent a year is considered, then an engineering course that costs Rs 6 lakh pres
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