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Debt cut strategies useful for borrowers but they come at a cost

Loan restructuring and moratorium increase interest outgo

Topics
Loan repayment | Bank loans | credit scores

Bindisha Sarang  |  Mumbai 



retail loans, lending, banks, cash, banking
According to Gaurav Aggarwal, senior director, PaisaBazaar, “Debt restructuring affects the borrower’s credit score negatively, and hence, his eligibility for taking loans and credit cards in the future.”

Households in India are under higher stress currently, with household debt-to-gross domestic product ratio rising from 32.5 per cent in 2019-20 to 37.3 per cent in 2020-21, according to a report by State Bank of India. Households should consider deploying one of the debt-management strategies outlined below to extricate themselves from their predicament.

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First Published: Thu, July 08 2021. 06:10 IST

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