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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

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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