Can’t Pay Your EMIs? How To Get Out Of Debt Trap

Can't Pay Your EMIs? How To Get Out Of Debt TrapWith credit easily available these days, it’s not rare to find people overspending only to regret it later. Taking a loan to build assets like a house is recommended due to the tax benefits and savings on rent. But overspending using expensive debts such as credit cards and personal loans for lifestyle expenses should be avoided.

However, if you are already burdened with debt, here are a few steps that can help you to lighten up you debt burden.

Take account of your finances

First of all, you need to ascertain where your finances stand. How bad is the situation? Calculate your income to expense ratio. Ascertain what portion of your income goes towards servicing EMIs. “Personal loans including car loan, credit card outstanding or any other loan should be in the range of one-seventh to one fifth while home loan should be limited to one-third of net income,” says Kartik Jhaveri, founder director of Transcend Consulting, a Mumbai-based financial planning firm.

All types of loans put together shouldn’t exceed 50 per cent of the income of a person, he adds.

Therefore, if your loans exceed the limit, you can be in a worrying situation. “If somebody’s loan repayment outgo is 60-70 per cent of the income, it should be brought down in the shortest possible time,” says Suresh Sadagopan founder of Ladder7 Financial Advisories.

Cut down on your lifestyle expenses

It will be difficult to do so but you will have to do this. Make a budget, analyse your monthly expenses to figure out where you can save. Even small savings by cutting down on spending on eating out, limiting the movies you watch in theatres etc can make a difference. “If there are 5-6 expenses on which you spend Rs. 2,000 monthly and can be avoided, you can save Rs. 12,000 per month which is a decent sum,” says Mr Sadagopan.

Prepay the expensive loan first

Make a list of all the loans along with the interest rate that you are servicing currently. Higher interest rate means higher cost. So you should start paying off the high cost debt first. Credit card loan is one of the most expensive loans with interest rate usually ranging between 24 and 36 per cent per annum.

Next comes, the personal loan where interest rate generally starts at 13-15 per cent per annum. You can utilise some of these cheaper options to repay the high-interest loans.

Loan against fixed deposit: If you have a fixed deposit, take a loan against it which generally comes at an interest rate of 1 to 2 per cent above the fixed deposit interest rate.

Top-up home loan: If you have a home loan and paid EMIs for at least 6-12 months, you can avail a top-up loan which is generally available at an interest rate of 1 to 2 per cent above the home loan rate. Unlike a home loan, you can utilise the sum for any purpose you want to.

Loan against insurance: If you have an insurance policy which is more than 10 years old, you can utilise it to avail a loan against it to repay the expensive loans, says Mr Jhaveri of Transcend Consulting.

Use the bonus: If you are getting any incentive or bonus, any proceeds from investments maturity, use it to prepay the loan, says Mr Sadagopan of Ladder7 Financial Advisories.

[“source-ndtv”]

Google Maps for Android Can Now Figure Out Where You’re Going

Google Maps for Android Can Now Figure Out Where You're Going

Google Maps is all set to receive its first major update in 2016 which brings several new features including Driving mode and more.

The new Google Maps for Android version 9.19 is currently not available on Google Play and can be expected to be rolled out soon. For those who can’t wait for the new features can download the apk which is signed by Google via APK Mirror.

One of the biggest highlights of the upcoming Maps update is the ‘intelligent’ Driving mode which essentially utilises the user’s location history and Web searches to provide traffic updates and ETA (estimated time of arrival). The new Driving mode feature is an optional feature in the new Maps update for Android. It can be enabled from a shortcut on the home screen and can also be turned on from the navigation drawer.

Android Police points out that Driving mode in the latest update is already plagued with a bug that actually makes it hard to switch on the feature. “Driving mode has to be enabled through some arcane set of steps on each device before it can actually be used,” writes Cody Toombs of Android Police. Google may fix the bug before making the new app available to all users, and so a gradual rollout could be expected.

The new Maps for Android update (version 9.19) also brings the on-screen toggle for turning on or off the turn-by-turn voice assistance. Previously, the toggle for audio was shifted to overflow menu making it harder for users to turn on or off the option while driving.

The Google Maps interface has also received minor tweaks with the Manage location settings option been switched for Timeline settings. The new setting allows users to control what the users see and restrict data usage. Some of the other additions include to option to see images from Google Photos or switch on the search option to correct an inaccurately feed location.

[“Source-Gadgets”]

Windows 10 Mobile Update Starts Rolling Out for Microsoft Lumia 640

Windows 10 Mobile Update Starts Rolling Out for Microsoft Lumia 640

Microsoft confirmed last month that it had delayed the release of Windows 10 Mobile, the latest version of its mobile operating system. And it seems the delay is finally over. The company has apparently started to seed the Windows 10 Mobile software upgrade in at least one region.

T-Mobile has confirmed (via WMPU) that it has begun to release Windows 10 Mobile for Lumia 640handset users in Poland. The build version that the company has released is 02177.00000.15184.36002. We realise that most of you don’t live in Poland, and/ or sport a Lumia 640, but the big news is that the software you’re anxiously waiting for has started to trickle out fromMicrosoft.

Microsoft had previously committed to releasing Windows 10 Mobile to all eligible handsets in December. However, the company confirmed last month the time-frame had been extended to “early 2016.” As you may remember, all Windows 8.1-powered smartphone that have more than 4GB of internal storage are eligible to receive the free software update.

Many smartphones that have launched in the past few months are already running Windows 10 Mobile. Some of these include the Lumia 950, the Lumia 950 XL, and the Lumia 550. To recall, Windows 10 Mobile offers a range of features including Continuum and Universal Windows Apps, and some enhancements to Message and Photos apps.

According to media reports, Microsoft is working on an app that will allow Windows Phone handset owners to know whether their smartphone is eligible to receive the software upgrade. The app dubbed “Upgrade Advisor,” will also let users clear up storage space on the device to accommodate the new software upgrade.

[“Source-Gadgets”]