How do you cope with the repayment of higher interest loans?

[Stardom22]

I can say that nowadays most lenders in country charge higher interest rates on loans. So what is the best approach to repay back such loans on time?

 

[Springtime]

I seldom borrow money. But I use credit card for cash back. I always pay my credit card bill on time. Never paid any interest.

 

[Trush Jodie]

I seldom borrow money. But I use credit card for cash back. I always pay my credit card bill on time. Never paid any interest.

That's the best approach to follow. When you accumulate credit card interests, you pile up an unnecessary burden of debt on yourself.

 

[Nomad]

First of all I avoid getting high interest loans. If some how I end up getting high interest loan, I will make sure to pay it immediately, even when it means to get another loan, probably low interest loan

 

[Starmix]

I am not on a loan, it is scary, let alone the interest. It is better to save and let it accumulate. What is needed is self-control and discipline to avoid wastage.

 

[Augusta]

This is why I don't like to take a loan you must pay for the interest that comes with it and sometimes it might be very high

 

[Kross]

Those higher interest loans are like demons. If you don't use the loan for a high yielding business, you are done for.

 

[Xtynehappy]

I have seen most businesses that have relied on the higher interest loans being stagnated at one point or even collapsing.

 

[Suba]

There are several ways that you need to do when you have a high-interest loan, such as increasing your determination and will to pay off your debt quickly, prioritizing debt repayment as your main program, paying off your debt before it is due to avoid fines, saving on expenses, and increasing your side hustle.