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How India Can Rise From The Debt Crisis With The Help Of Mobile Apps

How India Can Rise From The Debt Crisis With The Help Of Mobile Apps 4

How India Can Rise From The Debt Crisis With The Help Of Mobile Apps 5Across the world, economies are facing exorbitant debts and the Southern states of India seem to feel it especially hard. The reason for debt for the poorest 10% of rural India is to cover household expenses. But the statistics also reveal something surprising, and that is that many of the applicants take out finance to start a business. For those up to their ears in debt, a secondary income is one of the simplest ways to start knocking down the debt. Discover ways apps can make a significant difference.

Mobile Apps That Keep Track Of Spend

With the mobile internet users in India estimated to be around 478 million, users will have easy access to apps that have the ability to change their financial landscape. Apps such as Mint provide users with the means to manage their money more effectively by linking the app to their accounts and even credit cards. The app can also be used to remind users of when their bills are due. You Need A Budget (YNAB) is another great app that allows users to stay on top of their budget.

Keep Your Credit Score Healthy With The Right Tools

According to www.crediful.com, there are a number of ways to improve financial standing, and knowing where you stand in the financial world is a good start. For instance, knowing your credit score and maximum credit ceiling. There are apps that provide users with access to their score without reducing the score amount every time it’s checked, such as Credit Karma and Experian. These types of apps are also handy in terms of identity theft, as it will update with each new credit item that is listed and some even include listing mobile contracts.

Applying For Consolidation Loans On The Go

Sometimes the easiest way to break out of a financial dilemma is by dropping the installments. For some, it includes a restructure on a loan to increase the term. For others, it’s combining all the smaller items into one single transaction. While this might end up more expensive in the long run as the term increases, it might be helpful to those who have a number of small accounts that carry high rates. Many banks and financial institutions offer consumers to apply for finance through their mobile devices and even at the ATM.

Consumers who find it hard to get out of debt should consider a few simple steps. Sticking to their budget, knowing what they’re owing and where they stand, and redefining their payments will all go a long way.

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