Breaking Free from the EMI Trap: A Beginner's Guide Equated Monthly Installments (EMIs) have become a popular way to finance big-ticket purchases like homes, cars, and gadgets. While they offer the convenience of spreading payments over time, it's crucial to understand the potential pitfalls and strategies to avoid getting trapped in a cycle of debt. The Allure and the Danger of EMIs EMIs, on the surface, seem like a hassle-free solution. You can own a desired product immediately and pay for it gradually. However, the high-interest rates associated with these loans can escalate the total cost significantly. Over time, you might find yourself paying more in interest than the actual product's value. How to Escape the EMI Trap * Be Mindful of Interest Rates: * Compare Rates: Before opting for a loan, compare interest rates offered by different lenders. * Opt for Lower Rates: Prioritize loans with lower interest rates to minimize the overall cost. * Cal...
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