COVID 19 - FINANCE Synergy Insolvency

Tips for retrenched employees

  • Do not use up any money you may have received at the time of lay-off to repay a low-cost loan like a home loan
  • A high-cost loan like credit card debt should be repaid at the earliest
  • If you make several enquiries for loans from many lenders, that will have an adverse impact on your credit score
  • A collateralised loan like gold loan will be cheaper than a personal loan
  • Use a top-up on your home loan to pay off other high-cost debt
  • Stocks may be available in the markets at mouth-watering valuations, but you should not bet on them in your situation
  • Knock off frivolous expenditures that you can do without
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I am Praveen Agrawal.

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