Why opting for IMEs or taking out loans is not a good idea during the second wave of COVID-19

In uncertain times like these, when the world is grappling with the COVID-19 pandemic, many of us fall into the Equalized Monthly Payments (EMI) trap to buy things we want and even sometimes what. we do not want.

The main reason for this is that due to the COVID pandemic, several companies have suffered huge losses and the biggest burden has been borne by the working class. With job losses and wage cuts, ready or going for an EMI is definitely not a good option.

A penny saved is a penny earned and in tough times we should follow this golden rule and spend only on what we really need. IMEs and loans could become liabilities if they are not repaid on time.

With the second wave of the COVID-19 pandemic and the various restrictions in place, it is wise to save money for the uncertain future. In the worst-case scenario or in the event of a COVID-induced lockdown, individuals should ensure they have sufficient cash flow to cover living and medical expenses for a period of at least six month.

In the meantime, the number of new coronavirus cases in India has reached a daily record high since the pandemic outbreak with more than 1.15 lakh of new infections reported in 24 hours, bringing the national count of COVID-19. at 1.28.01 785, according to Union Health Ministry data updated Wednesday. The one-day increase in coronavirus cases has crossed the 1 lakh mark for the second time in three days.

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