While we are accustomed to a certain rhythm in our daily schedules, situations like the recent COVID-19 pandemic can throw our lives into disarray, affecting our peace of mind and personal finances alike. In the last few weeks, most of us have been striking a balance between our personal and professional lives, ensuring the safety and security of our loved ones while managing our work responsibilities with equal élan.
However, with the global economic slowdown and the recent surge in financial strains, it is critical for all of us to assess our personal finances and look for ways to optimize available resources in these uncertain times. Needless to say, this will affect our personal lives and expenses, especially if we have taken loans and find ourselves suddenly unable to fulfill our loan commitments.
Here are a few tips that you can take to ensure you are able to manage your credit commitments and maintain a positive credit profile if you find yourself likely to land up in a financial pickle.
Remember that in trying times, we just need to stay positively calm. If you have maintained a healthy credit profile and your past payments have been sound, a one-off situation such as the moratorium announced by the RBI will not impact your overall credit profile. Continue to practice good credit behavior as much as you can. Stay credit-conscious, and stay connected to your credit profile even in the midst of a financial hardship.
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