Pay Your Debts as Quickly and Aggressively as possible

Many of us have Debts like Student Loans, Car loans, Credit from someone, House loans etc. My advice to you is this try to pay these loans or debts as quickly as possible.

We people do not realize this but we are being crushed by the interest we are paying on these loans (10-15% interest is normal). We are being crushed by this interest and this debt.

Because of these loans we also end up paying more than we actually need to pay. Let us take an example if we buy a car of 10 lac rupees and we take a loan for 5 years we end up paying 12 to 13 lac rupees (this is just an estimation, it can be even more). It does not seem enough but it is, it is actually 20 to 30% higher than the actual cost.

Moreover the debt always keep you under stress. You are always in the burden of paying the installment on time. And in case you miss one, you have to pay extra charge. The debt keeps you under pressure and harms you psychologically.

So, What can you do?

You can try to pay your Debt as fast as possible, as aggressively as possible. You can start by increasing the amount of installment you pay on your tax by 1000 rupees monthly than start increasing even more. This will help you pay your debts much faster than you otherwise will have. And it will also decrease the amount you actually pay as interests.

If you have more than one debt, I recommend start increasing the installment of the one won which you pay more interest first and than the other. You can also start from the smaller one and finish it, it will give you psychological boost. 

Just do anything, but finish these Debts as quickly as possible and use this money (that otherwise will be payed to the banks or creditors)  to invest and become Financially Independent.