We all may have taken or planning to take a loan to buy a bike, car, vacation or for personal reasons. But let’s try to understand the process & how it impacts our lives. We start with the thing we want to buy or the service we want to avail & decide on the best option in terms of price & quality. Then we search online or look for a retailer that will give the best deal. Then comes the reality of payment, which we would not have in full so end up choosing the available credit options we or the retailer is tied up with. In the particulars a high interest rate & processing fee is discussed which is agreed upon with no choice. Once the required docs are submitted a credit score check is done & you hope that those late payments on your credit card bills don’t bite you now. Finally on approval you will be informed of the date when the funds will be auto debited every month so you are made aware to keep the funds else the entire amount would need to be paid. .
You finally get your product or service but is that all? No,it’s just the start as after a month’s long work you await your salary to be credited but wait, you see a message in your phone & it’s the auto debit leaving you with hardly enough money to take care of your basic monthly expenses like rent, groceries etc. If you are unable to manage them, the only way you would resolve the situation would be to give away your savings like break your FDs, SIPs or sell your jewels. Let’s try to understand how all of this happened. Basically it was by a want for which you resorted to taking a loan. It’s not to say that it will happen to everyone as an EMI which is within your means of savings per month due to proper financial planning may not be a problem. But most of us are gullible to the wide range of credit options available that we go for things without having an insight of how to handle a financial breakdown.
Hence don’t invest your time & efforts on handling loans. That time can be better invested to earn the money required to buy what you want & by paying in full. A wise way would be to look for ways to earn additional income. With everything available on the internet now, find yourself a simple & reliable platform to earn from at your convenience..There are many options from tutoring online for skills that you possess to promoting some products through social platforms. One such is Ozoprop, a social real estate selling platform where anyone can become a partner to earn additional income.Ozoprop serves them & once a lead completes the purchase the partner earns handsome rewards. It thereby enables a partner to earn at their convenience that is part time(for housewives, retired persons, 9 to 5 workers etc), full time(real estate brokers, insurance agents etc) or any time (students, professionals & others).
Susheel Kumar M
An avid reader
Passionate guy with diverse skills