I have a debt of Rs.20000/ incurred due to the hospitalisation of my mother 2 years ago. I was unemployed. I have got a job with salary of Rs.2500 as an accountant a month ago. shall i get a financial contribution or an interrest free loan? I will repay in instalment of Rs.500/- per month.
i am 35 yrs and my income is 20000/-per month.iam having the liability of credit cards and also the amount which i took frm the markeet at intrest rate of 5%.my half salary goes to pay the intrest.i want to come out frm all this.how can i.pls suggest.
RE:financial help
by DSK Rao on Sep 15, 2005 12:41 PM
From UR message it appears that you have borrowed Rs.200,000/ at 5% / month interest as Rs.10,000/ out of the Rs.20,000/ you said you are earning are going against the payment towards monthly interest. I follow the simple rules of economy as followed in any conservative middle class families in India , i.e to spend and live within ur means and save. I put 10% of my salary into savings for any occasions and live within the rest.
Coming to your situation , you are paying >60%/annum interest , which is very high . What you should do is borrow from friends/relatives at lower interest rate (18% / annum) with post dated cheques to ensure your intention for repayment. This can be very attractive to them as Bank Rates are presently at 5%. So instead of Rs.10,000/pm interest you are paying today , you would be paying Rs.1500/pm interest!
You can also alternatively look at disposing any assets like Land , Shares , Gold etc to clear the loan.
Last , but not least , try working more to earn atleast Rs.5000/pm more , till U R out of this mess. If , married , see if your wife can do some job to augument the earnings till you clear the loan.
RE:DSK Rao is Right
by Ravi on Aug 26, 2005 05:13 PM
I agree with Mr DSK Rao.Too often, children forget the sacrifices that parents make.Parents who make such sacrifices do so because they look beyond themselves and strive to make a better world for their children. For some reason, children fail to appreciate this fact and realise their mistake only after their parents depart.If only they realise that one day they too would have children and would need caring and proper upbringing. A little forethought will reveal that a man must cease thinking selfishly about the money that comes to him. If everyone thought so then the world will definitely be a happy place to live.
I am surprised at the Author's advice to Mr.Naveen. It may be noted that Naveen is drawing Rs.78,000 pm and that would not have happened without sacrifices from his parents. I am also surprised at the attitude of his wife , who feels that marriage is not worthwhile without a fat saving! These are all very petty things and Naveen should council his wife to accept higher things of life than getting bogged down by materialistic pursuits. They should not try to be little his parents at this stage by taking a stance on financial matters. I know few foolish people who did that and hurt their parents in that process and are repenting after the parents expired as they could not repapy their love and affection.
RE:Bad Advice
by on Aug 24, 2007 03:08 PM
Hey Mr. DSK Rao, seems you are also like Naveen's father. Even if they are parents, they are still human beings vulnerable to mistakes and they are obviously doing wrong things to Naveen and it will end up like Navin will have to work hard in his old age also unless his children takes care of him contrary to his parents enjoying lavishly on his hard earnings. But why should he expect his children to take care of him. They might have made sacrifices to him for his current high income, but if not taking care of his earnings, all of them will be in mess again. Love and affection are the emotions to be shown in a matures way ..if given more it will become a poison.
