New Delhi, Oct. 27 -- Sometimes things don't work as smoothly as expected. Multiple financial emergencies may follow one after the other.

For example, a person may already have a couple of personal loans running. The person may need to take additional personal loans due to emergencies like family medical emergencies, urgent house repairs, etc. Before a person realises, they may be getting into or may already be in a debt trap. They may find it difficult to repay the multiple personal loan EMIs along with managing the other household expenses.

At times, debt management can be like a ticking time bomb. You need to diffuse it before it blows up. Some smart strategies for managing multiple personal loans include the following.

Managing the...