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Forget Squid Game, here are some strategies to get out of debt in real life

The most-expensive-debt first approach is cost-effective, while debt snowball has been found to be the most successful

Loans, Retail loans
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However, certain loans are subject to prepayment charges, and you should consider this before making an early payment

Bindisha Sarang
Squid Game, a South Korean show on Netflix that is currently topping the popularity charts, is about a group of people trapped in debt who enter a series of survival games. Thankfully, in real life, you don’t need to play Squid Games to get out of a debt crisis. Time-tested financial strategies are enough to see you through.

Debt consolidation  

Handling several loans and keeping track of multiple payments isn’t easy. Under the debt consolidation strategy, you take a fresh loan to clear all your existing liabilities. Adhil Shetty, chief executive officer (CEO) Bankbazaar says, “Typically, debt consolidation allows you

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First Published: Oct 20 2021 | 11:44 AM IST

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