Question
I inherited a forty-year-old business entity involved in customs consultancy and brokerage from my father about three years ago, along with a $250,000 business loan. I took an additional loan of $300,000, and for the past four years, I have been paying approximately 15% interest rate per annum. However, this ongoing pandemic has hit me very hard, and I am unable to keep paying back the EMI (Easy Monthly Installments). I am thinking of liquidating some of my assets to get out. What other alternative routes can I take to keep my business afloat that also leads to me becoming debt-free while holding on to my assets in a densely populated country where investment in assets is always lucrative.
Answer
Hi,
I'm sorry about the issue, I would suggest following these advice : Pay More Than the Minimum, Spend Less Than You Plan to Spend
Pay Off Your Most Expensive Debts First
Buy a Quality Used Car Rather than a New One
Save on Groceries to Help Pay Off Debt Faster
Get a Second Job and Pay Down Your Debt Aggressively
Get a Consolidation Loan
Speak with a Credit Counsellor - It's Free
Invest Money on Cryptocurrencies
Thank you
