Smart Debt Management

Managing multiple loans requires a clear plan: understand interest rates, monthly obligations, and how different strategies affect total cost and cashflow.

Steps to create a plan

• List all debts with balance, interest rate, and monthly payment.
• Prioritize high-rate debts (avalanche) to minimise total interest, or use snowball for motivation.
• Consider consolidation if a lower-rate loan or balance transfer reduces total cost.
• Keep an emergency fund to avoid adding new high-cost debt during a crisis.

Tools

Use our EMI calculator to model repayment plans and see how extra payments reduce tenure and interest: Try the EMI Calculator.