What is a debt Trap? Mistakes to avoid while taking debt | Personal Finance for Beginners Ep

What is a debt Trap? Mistakes to avoid while taking debt | Personal Finance for Beginners Ep - 3

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Күн бұрын

Пікірлер: 23

@kinetoscoper 10 ай бұрын

I fell into a massive debt very early in my career. When all came out it was nasty. All the things you said about losing face in front of the relatives, losing friends and loved ones were true in my case. My family helped me pick up and I have a wonderful set of close friends to support me. Today I am well settled and courageous enough to make any huge financial decisions. This video rang so many bells in me.

@nipunjha 11 ай бұрын

How to not fall in a debt traps proceeds to explain benifits of credit card and emi 👏🏻

@cenacr007 7 ай бұрын

Credit Card is a good tool as long as you spend within your means, why would leave 5% cashback on most of your online spends and 1% cashback on UPI payments

@casuallymixed8824 5 ай бұрын

I have been using credit cards for 10 years, I have always paid the bill in full and only opt no cost EMI rarely directly from seller websites. It's always how you use it, I was jobless for 6 months during COVID and I never touched credit card at that point of time. I might received close to 80K cash back till date, so why would I not use it.

@mohitmayank275 11 ай бұрын

If you are using credit card, It's good. If Credit Card is using you, God save you! understand the difference.

@venkatjagadeesh8142 6 ай бұрын

Fell into a credit card emi debt trap, didnt know at a point how my dues kept building up but never decreased, didnt have the money to pay, Paid for flight tickets using the same card for a friend and took money from them, which was just enough to clear the minimum due, cleared the entire bill later after salary. Keep an eye on those emis buddies, it was a lesson which I learnt the hard way.

@kadapallanithin 7 ай бұрын

My father once had overall personal of about 14 Lakhs. Interest he was paying was almost near to his earnings. He didn't hesitate to sell part of his land to clear the loans. Emotionally it was hard. Logically, if he didn't sell then, he would have lost more till the time he realize. He bought more than what he sold within few years. I feel lucky for his thought😊

@dadlife_diaries 11 ай бұрын

Good topic..I m happy that I am already aware about all these facts hence use my credit card very carefully.

@mdsarwar9593 11 ай бұрын

Robert kiyosaki watching this video now😅

@yashyash3307 11 ай бұрын

I suggest to implement either 'Debt snowball' or 'Debt Avalanche' method. If they have fear towards their debt.

@wiwian3902 11 ай бұрын

This video could'nt have come out at a more better time.. but It would be nice to also have some insight and advice on what to do or how to maintain one's sanity when you're stuck in a debt trap... because surely its taking a huge mental and emotional toll... :(

@rajatraut1952 11 ай бұрын

Me and my mom stuck in loan trap now. 😢 Trying to overcome come but it's very difficult for us.

@Nikhil-jk9vq 10 ай бұрын

I'm also in same situation but I know how to overcome from this situation. Basically I'm 21 and borrow money for stock market and the same amount of loan money is successfuling help to me get out of debt but in last some amount of money like 2 lakh is left. Coz currently bull run is no more in Indian Stock Market. So, I'm doing job now of delivery boy. And in 2024 this is my promise I clear all the amount of loan money. Baazigar hu mai kisi bhi situation ko handle kar sakta hu bas jigra hona chahiye insaan me. My aim to become a person of 5 crore by the age of 25. This is my promise to myself