{"id":2892,"date":"2022-03-24T07:09:50","date_gmt":"2022-03-24T01:39:50","guid":{"rendered":"https:\/\/aayushbhaskar.com\/?p=2892"},"modified":"2022-07-30T18:35:41","modified_gmt":"2022-07-30T13:05:41","slug":"9-ways-to-pay-off-debt-quickly-with-low-income","status":"publish","type":"post","link":"https:\/\/aayushbhaskar.com\/9-ways-to-pay-off-debt-quickly-with-low-income\/","title":{"rendered":"9 Ways to Pay Off Debt Quickly With Low Income","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

The very term Debt evokes a strange fear-mixed emotion for most of us. A continuous cycle of debt can land you in real trouble. It can seep out from you your peace of mind and well-being.\u00a0<\/span><\/p>\n

Sadly, a lot of us cannot cooperate with debt traps and some even take drastic steps when they cannot bear to be in a continuous cycle of debt. <\/span>
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\n<\/span> But let\u2019s understand this. Debt is not in itself as terrible as we make out of it. People take debt to wed off their children. We often take house debt and debts for higher studies. <\/span><\/p>\n

A debt can save a life when it is used for purposes like paying surgery bills and doctor bills. \u00a0<\/span><\/p>\n

So it is not debt which in itself is a trap, it is the inability to repay the debt on time that is evil.<\/span><\/p>\n

\"how-to-pay-off-debt-quickly-with-low-income\"<\/p>\n

Why is Debt Difficult to Pay for Most People?\u00a0<\/span><\/strong><\/h2>\n

Now the question is, what makes it hard to repay the debt? Why do so many people live entrapped in debt for years and years together? <\/span>
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\n<\/span> Of course, when we are talking about repayment of the debt, the amount of debt incurred and our income is serious matters of consideration. Let me explain through an example.\u00a0<\/span><\/p>\n

Suppose you had a medical emergency, and you had to take a loan of Rs 5 lacs. Some you took as a loan from relatives, some from the bank, and some by mortgaging a property or an asset like gold.<\/span><\/p>\n

Now, your per month income is Rs. 60,000, and you decide to cut down on some expenses every month to pay off the debt. Chances are you\u2019ll be debt-free in a couple of years if you are consistent with paying off the debt. <\/span>
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But let\u2019s consider the same debt amount with an income of Rs. 20,000 per month. Paying off the debt with a lower monthly income becomes more difficult.\u00a0\u00a0<\/span><\/p>\n

Now, I\u2019ll tell you how to pay off your debts when you have a low income. <\/span><\/p>\n

And why should you listen to my ways of debt repayment?<\/span><\/p>\n

These ways are all tried and tested ones that I used to pay off my debts amounting to over 2 lacs, and that too in a matter of a year, and with a low stable income.\u00a0<\/span><\/p>\n

Surprised?<\/span><\/p>\n

In doubt? <\/span><\/p>\n

Well, read on to learn how to pay off debt quickly with a low income, and without compromising on your mental health in doing so.\u00a0<\/span><\/p>\n

Analyse the debt situation<\/b><\/h3>\n

\"analyse-and-assess-the-debt-situation\" The first step is to take out sometime, sit back w<\/span> ith pen and paper and a calculator and analyse how much in deeps**t you are in by taking that loan. <\/span><\/p>\n

Calculate the interest rates and the stipulated amount you need to pay every month or quarter.
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\n<\/span> And then get answers to the following questions by referencing your loan papers (for loans taken from financial institutions) :<\/span><\/p>\n