New Delhi, Sept. 29 -- Personal loans can be a useful financial tool that can help borrowers in meeting expenses such as home renovation, education, debt consolidation, medical emergencies, etc. Still, misuse or mismanagement of loans can quickly trap you in debt and hamper your financial integrity. That is why to make sure that your personal loan works for you, not against you, avoid these seven mistakes:

Taking a higher loan than required increases your repayment burden. It can also complicate the overall repayment plan, and the total interest outgo can escalate immensely. That is why, as a sensible practice, do not make personal loan decisions based on emotions but on rational thinking. Only avail of the loans that are required and no...