Being debt-free should be the goal of all of us. The reason is that with debt or loans, we are more stressed. And when anyone is living with stress they are not living a good life. Do you want that every month someone knock at your door and ask for an EMI payment which you have to pay because you have taken a loan? I know you don’t want to live like that.
But, loans are evolving. Every person is taking some loans. I am doubtful if you’re debt-free.
If you want to buy your dream car but you don’t have money, you can get a car loan. If you don’t have money to purchase a home for your family, you can approach a lender bank and get a home loan or mortgage loan easily. Don’t have money to finance your education, you can also get an education loan or student loan. Don’t have money to start a business, you can even get a startup loan or business loan. So, now there is a loan for everything you can count on.
Nearly all of the providers who are selling car loans, home loans, education or student loans or even personal loans have their own loan EMI calculators which you can use to find out how much EMI you will have to pay every month to pay off all your dues. And often that time frame is kept very long so that you can pay it off comfortably.
But, do you know how much you will end up paying in the long term?
So when you’re using a loan EMI calculator, be sure to find out how much you’re paying interest on your principal amount. That will shock you.
So, plan your funds very well. Don’t buy anything with a loan. Enjoy a debt-free life because it comes with true happiness.
And that happiness you can only enjoy if you work for it. However, it seems difficult not to enjoy things that you can easily afford with a loan. But with a loan also comes a ton of stress which you don’t want in your life. If you read the stories of people who are living now debt-free, you will find out that they have one thing in common, they all recommend never doing the things that put you in debt. So, what do you choose now, a life of financial freedom because you are debt-free or a life full of stress with debt of any kind?
Most people have some type of debt. Consumer debt can come in many shapes, credit card debt, student loans, car payments, personal loans, etc.For this article, we will not include mortgage debt.Due to the ease of borrowing money from financial institutions and the easy access to online credit card companies, more and more people end […]
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