Friends, as we all know that today people's income has reduced and needs are more, to fulfill these needs, people take loans, whether it is a student loan, personal loan or credit card bill, almost every household is suffering from some kind of debt. But the worrying thing is that most people are not taking loans for need, if we talk about reports, then only 15% of borrowers take loans for real needs. The remaining 85% people take loans to fulfill desires like shopping, travel or lifestyle improvement. If you are also struggling with a loan, then try these tricks to repay it-

1. Always pay EMI on time

If you have money, make it a priority to repay your EMI before the due date. This simple habit helps you avoid late payment penalties and additional interest charges.

2. Prioritise big banks over loan apps

If you need to borrow, always approach a reputed bank or financial institution. Avoid small lenders or unregulated loan apps that often come with high interest rates and hidden charges.

3. Don’t borrow to repay another loan

This is a common mistake – taking a new loan to repay an old one. It may provide short-term relief, but in the long run, it increases your debt burden and interest payments.

4. Prioritise high-interest loans first

If you have multiple loans, focus on repaying the loan with the highest interest rate first. This strategy reduces the total interest you pay.

5. Cut down on unnecessary spending

It is important to differentiate between your wants and needs. Avoid taking loans for vacations, gadgets or luxury items.