There are four ways to try this.
Way 1: List all your loans based on interest rate. Probably the first to come is a credit card loan and the next is a personal loan. If we give as much importance to these two as possible and build a little higher than the regular EMI, we will be able to finish these first which absorbs our money as interest. If you successfully complete these, you will have more money to pay off other debts.
Way 2: The fact that some experts have found through research is that the inspiration we get when we finish building a loan will motivate us to pay off other debts as well. To achieve this, loans should be listed on the basis of loan amount rather than on the basis of interest rate. The smallest loan must be completed first and then the next small loan with the corresponding EMI amount. This leaves only a couple of large loans behind; Finally the focus on them can be sealed.
Way 3: If you have a personal loan, a credit card loan, a car loan and a home loan, you can ask for a top up loan from the bank / company that gave the home loan. That way, you can pay off everything except your mortgage. Interest rates will also fall.
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