Master Your Money: How to Control Multiple Loans and Avoid Financial Stress

• Calculate your total monthly EMIs precisely and compare them to your take-home salary; ideally, EMIs should not exceed 40-50% of your income.
• Prioritize prepaying high-interest loans like credit card dues and personal loans first, as they free up cash flow faster than lower-interest loans.
• Avoid paying only the minimum on credit cards; pay as much as possible above the minimum to prevent compounding interest and postpone problems.
• Consider debt consolidation for multiple high-interest loans, but ensure you stop accumulating new debt to make it effective.
• Protect your credit score by setting up auto-debits, maintaining a bank buffer, building an emergency fund, and avoiding lifestyle upgrades.