New Delhi, May 29 -- Amid a tighter monetary environment globally, personal loan borrowers are contending with elevated interest rates. That is why irrespective of your planning a new loan or struggling to manage an existing one, staying updated and informed about the current rates and repayment strategies is extremely important.

On the issue of managing high interest personal loans, Manish Goyal, Chairman & Managing Director, Finkeda said, "Controlling high-interest personal loans begins with knowing your financial situation. Rank loans by interest, develop a practical payment plan, and skip new debt."

He further added, "Monitor spending intensely and put spare money toward high-interest loans. Refinance or consolidate if feasible. Wit...