Debt Trap: 5 Expert Tips to Escape Financial Crisis and Regain Control

• Do not treat all debts equally; prioritize high-interest debts like credit cards over low-interest home loans.
• Review monthly expenses to identify and reduce overspending, increasing your monthly cash flow.
• Prioritize paying off high-interest debts, especially credit card balances, to alleviate financial pressure.
• Differentiate between lifestyle and essential expenses; postpone non-essential spending until debt-free.
• Utilize bonuses and tax refunds strategically to pay down debt, preventing wasteful spending.

Why It Matters: Don't panic if caught in a debt trap; strategic planning and prioritizing high-interest debts can help you escape.