Bangalore: Debt is perhaps the one thing which fits in the category of ‘Can’t Live With It and Can’t Live Without It.’ We all have to repay some form of debt or the other in our lives but repaying the monetary kind is a serious pain. Ramalingam K., of PersonalFinance201.Com, has come up with 10 ways to stay out of debt for good –

1. Refinancing

Refinancing is a good way to buy yourself more time to repay your loans. Refinancing is replacing an older loan with a new one, with better terms and conditions. When it comes to refinancing, business ventures usually extend their maturity dates, while individuals modify the rate of interest or their monthly payments. However, individuals end up paying a small penalty fee in this process. Individuals may also extend their maturity periods. Refinancing is a way better than coming under the bracket of a loan defaulter.