• Dr Priya S

Abstract: Debt Control Often unexpected expenses occur in our life for which one does not have sources or resources to meet the liability. Nor some may have reserve funds or savings to fall back on; at times the funds required may be more than the savings. Under such situations like medical emergency or domestic functions, people are forced to borrow and many times are unable to service the debts on time. This leads to impulsive borrowing to pay out dues and this further lays stress on borrowers thus increasing debt burden. Apart from these major expenses, we do have bills to pay and also to pay old debts and or interests accrued therein. People incur debts while taking loans. Often, considering urgency of the situation, people do not use discretion or read the fine prints of loan agreements. After incurring the debts, they realise that the debt stress is too much to handle. Many get into depression and there have been quite a few suicides with people saddled with steep loans. Upon study of various secondary materials and articles on the internet an attempt has been made to analyze ways to control debt and recommend plans and strategies to manage the debt burden so as to service the debt in an effective manner and pay off the outstanding. This article tries to suggest how to plan and control the debts in such a way that it is manageable systematically. This discusses how to inculcate a fiscal discipline and plan out various methods and adopt prudent strategies to reduce the debt burden and eventually pay off the loans. Various approaches like debt consolidation, budgeting, debt negotiation, alternative fund raising are analysed.

Debt, consolidation , consolidation agency, loan against home, disciplined budget, credit score

"Debt Control", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.9, Issue 4, page no.a615-a618, April-2022, Available :http://www.jetir.org/papers/JETIR2204077.pdf

"Debt Control", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.9, Issue 4, page no. ppa615-a618, April-2022, Available at : http://www.jetir.org/papers/JETIR2204077.pdf