To please my parent, I took huge loans on my credit card and built house for them as they were pressuring me to build house at our farm house. Now every thing is going bad. Loan installments are more than my pay.. can any one help me how to cope with the situation..
2006-07-28 07:01:01 · 3 answers · asked by Kishor D 1 in Business & Finance ➔ Personal Finance
Yes it is financial mismanagement but can be rectified. Nothing serious. Loans were raised for good and constructive cause. Problem is at that time instead of availing loans with (a) less monthly instalment/more repayment tenure (b) more monthly instalment/less repayment tenure had been managed. That is putting pressure on your financial budgets.
Try to repay loans by raising fresh loans with cheaper rate of interest and longer repayment schedule. You try refinancing of housing or avail personal loans.
Credit-card loans are attracting very high rate of interest. Please converse with your bank to help you out.
2006-08-02 04:48:38 · answer #1 · answered by PK LAMBA 6 · 0⤊ 0⤋
I am surprised how your credit card loan instalments can be more than your salary.
If you have not availed the housing loans, please check whether you can avail housing loan against the already built house or you can convert the existing loan into a housing loan. If this is not feasible, you can avail personal loans which are cheaper than credit card credit loans, but are costlier than housing loan.
Good luck and good wishes.
2006-07-28 12:56:43 · answer #2 · answered by glib 3 · 0⤊ 0⤋
Go to a bank and have the debt refinanced into a construction loan or equity loan. It depends on how far along you are in the building proccess. The payments and the interest rate will be much lower.
2006-07-28 07:16:57 · answer #3 · answered by Anonymous · 0⤊ 0⤋