Has the burden of debt increased? Then you can reduce it in these 3 ways without selling property.

In today's inflation, most of the people of the country are running their daily life by taking loans. This loan has to be taken due to sudden expenses and then many people often repay it by paying EMI every month, but many people are unable to repay EMI due to the high amount of the loan. Then the bank or financial institution declares you a defaulter.

If you are also getting trapped in the web of loan and want to come out of it, then here we are telling 3 tips to get out of it. If you follow these tips, then surely your entire loan will be repaid without selling any property.

Restructure the loan

Contact your bank or lender and tell them about your financial situation. Many banks and financial institutions offer the option of restructuring your loan. This option can reduce your monthly installment (EMI) and give you more time to repay. This may include solutions such as reducing the interest rate or increasing the tenure.

Loan Consolidation

If you have several different loans (such as personal loans, credit card dues), you can consolidate them into a single loan. This can be a loan with a cheaper interest rate, such as a home equity loan or a gold loan. This will make your monthly payments easier to manage and can also reduce the overall interest cost.

Less expenses, new sources of income

Make a budget of your monthly income and expenses. Cut down on non-essential expenses. Try to earn money by finding additional income options such as freelancing, part-time jobs, or using your skills. Use whatever extra money you save to repay the loan. Apart from this, you can contact a financial advisor, who can help you create the right strategy.