New Delhi, Feb. 7 -- The need for money may arise anytime, forcing individuals to borrow from financial institutions in the form of loans. Every loan has to be repaid in the future, and interest rates are charged as well. In order to deal with multiple financial requirements, borrowers may seek multiple loans with overlapping tenure.

However, it becomes challenging to repay the loan on time. Failing to do so will result in a debt cycle that will hamper your financial situation in future.

If you are a borrower with multiple overlapping loans and are confused about repayment, prioritise paying the loan with a high interest rate. Make a list of existing loans and identify the loans with a high interest rate. Repay such loans first to avoid...