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<ul><li>A <keyword id="17512600" type="General" weightage="20" keywordseo="debt-resolution-company" source="Orion">debt resolution company</keyword> offers comprehensive solutions to help individuals overcome their debt burdens. </li><li>The primary goal of a <keyword id="977398" type="General" weightage="20" keywordseo="debt-counsellor" source="Orion">debt counsellor</keyword> is to equip individuals with the knowledge, tools and support necessary to navigate the challenges of debt resolution. </li><li>It is essential to conduct thorough research and compare the fees of different debt resolution companies before making a decision.</li></ul>Dharshan Kumar S, a 30-year old banker, had a <keyword id="180660" type="General" weightage="20" keywordseo="personal-loan" source="Orion">personal loan</keyword> on his <keyword id="6368202" type="General" weightage="20" keywordseo="credit-card" source="Orion">credit card</keyword> and was paying his EMIs on time. But during the lockdown, the family income went down and he could not pay the EMIs, or equated monthly instalments. With his <keyword id="6360217" type="General" weightage="20" keywordseo="loan" source="Orion">loan</keyword> and credit card debt, his outstanding dues rode up to ₹4 lakh and he was struggling to repay. There were creditors coming home and harassing him. That’s when he came across the contact of a debt resolution company on Facebook and approached them for help. <cmsannotation type="cmsannotation" annotationid="Options to deal with outstanding debt" comment="subhead" text="Options to deal with outstanding debt">Options to deal with outstanding debt</cmsannotation> In today's world, loans have become an essential part of our lives, and many individuals find themselves managing multiple debts simultaneously. If you are facing difficulties due to excessive debt, the initial crucial step is to assess and understand the nature of your debts. “It is crucial to identify high-cost debts such as credit cards, and app loans with interest rates as high as 40-48%, personal loans, and accordingly decide where to concentrate your repayment efforts first. The longer one keeps loans open, the more interest one has to pay overtime, and it can eventually spiral into a toxic trap that will lead to delinquency if not repaid on time,” says Ritesh Srivastava, founder and chief executive officer, FREED, a debt relief platform. “There are several options available for individuals who are struggling with outstanding debt,” says Manavjeet Singh, managing director &amp; CEO, CLXNS, a debt collection platform for banks. Debt consolidation, debt counselling, and debt resolution are some of the options. <cmsannotation type="cmsannotation" annotationid="Should you approach a debt resolution platform?" comment="subhead" text="Should you approach a debt resolution platform?">Should you approach a debt resolution platform?</cmsannotation> “When debt has gone out of hand, one should take help from professionals for debt management. While debt restructuring and subsequent resolution will need traditional finance experts, a money coach would be great to help you with behavioural changes,” says Renu Maheswari, co-founder and principal advisor, Finscholarz Wealth Managers. “Nothing comes for free, so weigh the pros and cons and use debt resolution as the last resort,” she adds. <cmsannotation type="cmsannotation" annotationid="How does debt resolution work?" comment="subhead" text="How does debt resolution work?">How does debt resolution work?</cmsannotation> “A debt resolution company offers comprehensive solutions to help individuals overcome their debt burdens. These companies provide services such as debt settlement, consolidation, and elimination. Debt settlement involves implementing financial discipline by setting aside funds for loan repayment in a trust account and thereafter negotiating with the creditors,” says Srivastava. On the other hand, debt consolidation focuses on combining multiple high-cost loans into a single loan. By doing so, individuals can benefit from a reduced interest rate and an extended repayment period. It is helpful for borrowers who are currently repaying their debt but are over-leveraged. <cmsannotation type="cmsannotation" annotationid="The importance of debt counselling" comment="subhead" text="The importance of debt counselling">The importance of debt counselling</cmsannotation> Debt counselling services employ a systematic approach to help individuals burdened by debt achieve a debt-free life. These services involve offering educational resources, guidance on budgeting, and utilising tools and strategies to reduce and eliminate debt. The main objective is to foster financial discipline in borrowers and provide ongoing support throughout the debt relief process, all while avoiding excessive upfront costs. “The primary goal of a debt counsellor is to equip individuals with the knowledge, tools and support necessary to navigate the challenges of debt resolution. By providing financial education, budgeting assistance, and advocating for their clients' interests, these services empower individuals to take control of their financial situation and work towards achieving freedom from debt,” says Srivastava. The fees associated with debt counselling resolution services in India can vary based on the specific services offered and the debt resolution company selected. Many companies offer a free initial consultation, after which fees may be charged for ongoing services. This can be a percentage of the total debt, in case the debt issue is resolved, or subscription fees for other services such as counselling, support for creditor harassment, budgeting. “It is important to carefully research and compare the fees of different debt resolution companies before choosing one,” says Singh. Kumar was counselled on his debt and how he could handle his creditors. Now he has to pay a consolidated amount every month to his debtors and is looking to be debt free soon.

Neck deep in debt? Here’s how some companies are helping habitual borrowers consolidate their loans

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>What do you do when you lose a bank £862 million through illegal and fraudulent trading? Well, you become a debt counsellor, of course.That is what Nick Leeson, arguably <a href="http://www.businessinsider.com/rogue-traders-2011-9?op=1&amp;IR=T">one of the most famous rogue traders in recent history</a>, does now."The world of banking is always good to me, because it throws out a bone from time to time by shooting itself in the foot," said <a href="http://www.theguardian.com/business/2015/feb/23/nick-leeson-banking-industry-extremely-competitive-improperly-policed">Leeson to the Guardian newspaper</a>.Leeson's interview marks the 20th anniversary since he caused the collapse of Barings Bank. He fled Singapore with his then-wife Lisa and after he disastrously "lost a lot of money" across a flood of rogue trades. After causing an international manhunt, the bank eventually collapsed three days later as it struggled to recapitalise at such short notice, after Leeson concealed the losses from 1992 to 1995.However, judging by his interview in the newspaper, he seems more <a href="http://www.theguardian.com/business/2015/feb/23/nick-leeson-banking-industry-extremely-competitive-improperly-policed">embarrassed than contrite for his hand in the felling of one of the world's most old and prestigious lenders in the world</a>. At the time, the <a href="http://www.businessinsider.com/13-awesome-wall-street-movies-2013-1?op=1">Queen was rumoured to have invested £40 million into Barings</a>."You go through them all. But the lasting one for me is embarrassment," said Leeson. "Because it's the complete opposite of what I wanted. I'd want to be remembered for my successes rather than my failures, but nothing that I do is probably ever going to change that."He even downplayed his notoriety from other, now, <a href="http://www.businessinsider.com/rogue-traders-2011-9?op=1&amp;IR=T">infamous rogue traders</a>."[Even among the ranks of rogue traders], I'm way down there now," he added, while referring to <a href="http://www.businessinsider.com/kweku-adoboli-profile-2011-9?IR=T">UBS' Kweku Adoboli who lost UBS £1.5 billion</a> in 2011 and Societe Generale's <a href="http://www.businessinsider.com/jerome-kerviel-gets-out-of-jail-early-2014-9?IR=T">Jerome Kerviel who lost £3.7 billion in total</a>.So what is he up to now?<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>He now l<a href="http://www.theguardian.com/business/2015/feb/23/nick-leeson-banking-industry-extremely-competitive-improperly-policed">ives with his second wife Leona, in her home town of Galway, Ireland</a>, after his first wife divorced him while he was in jail.He served four and a half years in a Singapore prison for his rogue trading activities. However, he was released early when he contracted bowel cancer.While the court made him personally liable for £100 million after he was convicted, liquidators stopped chasing him in 2005.He now earns around <a href="http://www.telegraph.co.uk/finance/personalfinance/fameandfortune/9483379/Barings-rogue-trader-Nick-Leeson-Money-is-not-my-motivation.html">£80,000 per year as a debt counsellor and through raking in around thousands of pounds a time</a> for after dinner speeches and conference talks."Look, I live comfortably, I don't try to hide from that. I'm very well paid for the talks that I do." When pressed, however, he admits that for someone who had "a huge need for success", it's not quite fulfilling, "because I still feel that I have more to offer".<a href="http://www.theguardian.com/business/2015/feb/23/nick-leeson-banking-industry-extremely-competitive-improperly-policed">For the full interview click here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/eighth-grader-invents-braille-printer-2015-1">A 13-Year-Old Made A Revolutionary Invention Out Of Legos And Now Intel Is Investing In His Company</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5oanB2cjrl7OZQZKJ15oB_-fMpAdPXBF" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

This world famous rogue trader now works as a debt counsellor

Your <keyword id="6354680" type="ORGANIZATION" weightage="100" keywordseo="credit">credit</keyword> score is a three-digit number that can make or break your financial dreams. This number is a reflection of your past payment behaviour. 
 
A credit score has gained immense importance in the recent years. The lending institutions evaluate your credit worthiness based on your credit score as it helps them estimate the likelihood of repayment of a credit facility, depending on your past pattern of credit usage and loan repayment behaviour. So the higher the score, the higher the confidence the lending institution will have in you and hence, the better the chances of your credit application getting approved. Generally in India, a credit score of more than 750 is considered to be good, which we all wish to have. 
 
You know the famous phrase – Rome was not built in a day. The same applies here, which means you can only gradually build your credit score. Here are five essential steps that will lead you to that goal: 
 
1. Ensure your credit report is error free 
Check your credit report periodically (at least twice a year) to ensure it does not contain any erroneous data as that can hurt your credit score. If you find any error on your credit report, make sure that you contact the credit bureau or the lending institution to correct that error. Ideally, you can also check with your credit counsellor and seek expert’s advice. 
 
2. Pay off your debts Setting a realistic plan to repay your <keyword id="44647" type="ORGANIZATION" weightage="100" keywordseo="debt">debt</keyword>s is a good step. Minimising the outstanding debt will help improve your credit score. 
 
3. Make timely repayments of your EMIs 
Payment history influences almost 35% of your total credit score. Hence, it is a crucial factor that determines your overall credit score. Be consistent and have a responsible approach towards your repayments and it would help improve your credit score. Always pay on TIME. 
 
4. Use fewer credit cards and ensure low usage 
Be prudent with the number of credit cards you own. Credit utilisation on each credit card should ideally be 30-40% of your credit limit. So make judicious use of your credit cards. 
 
5. Be careful about new credit purchases 
Ensure that you apply for credit only when you require it. Your applications for a credit facility result as ‘enquiries’ on your credit report and stay there for 7 years. High number of ‘enquiries’ could have a negative impact on your credit score. 
 
A credit score is based on your credit history and behaviour built over the years. However, these 5 simple ways are your first steps to build a good credit history and improve your credit score. Finally, be prudent – after all, it’s your financial health we are talking about. 
 
About the author: Satish Mehta is the founder and director of Credexpert, a credit and debt counselling company in India.

5 Ways
To Improve Your Credit Score

<keyword id="1702307" type="PERSON" weightage="20" keywordseo="Nay-Pyi-Taw">Nay Pyi Taw</keyword>, In the wake of the <keyword id="43597" type="PERSON" weightage="20" keywordseo="Military-coup">military coup</keyword>, <keyword id="6356970" type="LOCATION" weightage="20" keywordseo="myanmar">Myanmar</keyword> has blocked access to micro-blogging platform <keyword id="6354616" type="UNKNOWN" weightage="20" keywordseo="Twitter">Twitter</keyword> and photo-sharing app <keyword id="819905" type="COMPANY" weightage="20" keywordseo="Instagram">Instagram</keyword> on Saturday, just two days after the <keyword id="11104" type="COMPANY" weightage="20" keywordseo="country">country</keyword> directed state-owned telecom companies to take a similar actions against social media giant Facebook. A statement issued by Telenor, one of the four operators in Myanmar, said all mobile operators, international gateways and internet service providers in the country received a directive from Myanmar's Ministry of Transport and Communications to suspend social media platforms Twitter and Instagram until further notice, reports Xinhua news agency. The Ministry's directive asked the operators to temporarily suspend the access of Twitter and Instagram under Section 77 of the country's Telecommunications Law, mentioning that the move is made in the name of public interest and stability. The restriction of access to Facebook was imposed on Thursday till Sunday. According to BuzzFeed, Facebook had designated Myanmar a "temporary high-risk location" after a coup earlier this week. The military in Myanmar seized control of the country on Monday over the disputed results of the November 8, 2020 parliamentary polls in which the former ruling party, <keyword id="432869" type="COMPANY" weightage="20" keywordseo="National-League-for-Democracy">National League for Democracy</keyword> (NLD), obtained more than 80 per cent of the seats and increased its parliamentary majority. Before the coup, the military detained former State Counsellor Aung San Suu Kyi, former President U Win Myint, along with other senior NLD officials. A year-long state of emergency has also been declared. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/how-big-is-indias-debt-and-should-it-be-a-worry/articleshow/80688623.cms">How big is India's debt and should it be a worry?</a> <a href="https://www.businessinsider.in/stock-market/news/heres-why-you-arent-being-able-to-apply-for-brookfield-reit-ipo-through-zerodha-groww-angel-broking-and-other-stockbroking-apps/articleshow/80686457.cms">Here's why you aren't being able to apply for Brookfield REIT IPO through Zerodha, Groww and other stockbroking apps</a> <a href="https://www.businessinsider.in/stock-market/news/analysts-explain-why-indigo-paints-shares-fell-with-a-thud-just-like-burger-king-and-mrs-bectors-and-what-to-do-with-it-now/articleshow/80704864.cms">Indigo Paints joins the league of Burger King and Bector's — frenzied IPOs that fizzled out</a>

Myanmar blocks access to Twitter and Instagram in wake of military coup

In the first week of 2019, <keyword id="154034" type="PERSON" weightage="20" keywordseo="Gita-Gopinath">Gita Gopinath</keyword> took over as the <keyword id="69755" type="POSITION" weightage="20" keywordseo="Chief-Economist">chief economist</keyword> of the <keyword id="6366068" type="COMPANY" weightage="20" keywordseo="international-monetary-fund">International Monetary Fund</keyword> (<keyword id="6355408" type="DEFINITION" weightage="20" keywordseo="imf">IMF</keyword>), the international body responsible for ensuring the financial stability of developing countries. Prior to stepping into the role, the Indian-born Gita Gopinath was a tenured economics professor at Harvard. She was appointed to succeed Maurice Obstfeld in October last year. Obstfeld retired on 31 December. As an expert on trade, exchange rates, monetary policy and public debt, Gopinath will be tasked with adapting the IMF’s role in a world beset by an emerging market crisis and unconvinced by the supposed benefits offered by globalisation. Here are five things you should know about her:- She follows in the footsteps of a former <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> governor Gopinath is the second Indian to be take over the role of chief economist after <keyword id="6358908" type="PERSON" weightage="20" keywordseo="raghuram-rajan">Raghuram Rajan</keyword>, who was the governor of the Reserve Bank of India from 2013 to 2016. Rajan was named the IMF’s chief economist in 2003 before leaving the organisation in 2006 to join India’s finance ministry as its chief economic advisor. Gopinath’s appointment has led to speculation that she could one day be considered for the top job at India’s central bank. She is the first woman to head the IMF’s research department In addition to being the IMF’s Economic Counsellor, Gopinath will be director of the body’s research department - becoming the first woman to do so. The department is crucial to the IMF’s functioning as it monitors the global economy and policies of member countries and is also tasked with publishing the <keyword id="188983" type="COMPANY" weightage="20" keywordseo="World-Economic-Outlook">World Economic Outlook</keyword> every year. She was a critic of the Modi government’s demonetisation initiative Like Rajan, who said demonetisation “was not a well-thought out exercise”, Gopinath was also vocal in her criticism of the move. In <a href="https://www.business-standard.com/article/economy-policy/not-a-single-macro-economist-thinks-note-ban-was-a-good-idea-gita-gopinath-117122101525_1.html">an interview </a>with Business Standard in December 2017, she went on record to say that demonetisation wasn’t a good idea and the government should have spent more time refining its plans to implement the goods-and-services tax (GST) regime, a reform that she supported. She added that she didn’t know any macroeconomists who thought the note ban was useful. India’s balance of payments crisis in 1991 shaped her academic interests Before moving to America for her Masters and PhD in economics, Gopinath pursued her undergraduate and graduate degrees in economics from Lady Shri Ram College and the Delhi School of Economics. Her time at Delhi University coincided with India’s balance of payments crisis in 1990-91 and this inspired her to pursue her interest in international finance. The crisis, which stemmed from a ballooning of imports in the mid-80s, saw India battle the problem of a fiscal deficit as well as a trade deficit. Faced with a shortfall in its foreign exchange reserves, the government received an emergency loan from the IMF to cover its spending obligations, pledging its gold reserves as collateral. The move led to the liberalisation of the Indian economy. She was the economic advisor to the chief minister of Kerala Between 2016 and 2018, Gopinath has been advising Kerala’s CM, Pinarayi Vijayan, on economic affairs, having reportedly made recommendations on skill development and healthcare. Till date, this is the only role she has taken one that has required her to directly advise a central or state government. Her appointment, however, was the subject of controversy given that her free-market beliefs were in opposition to the ideals of Kerala’s left-wing parties. For example, in January 2018, she flagged the state’s growing welfare expenditure as a potential budgetary concern.

India's Gita Gopinath just took over as the chief economist of the IMF— here are 5 things you should know about her

The <a href="http://www.businessinsider.in/searchresult.cms?query=IMF&amp;sortorder=effectivedate">International Monetary Fund</a> (IMF) has lowered <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+economy&amp;sortorder=effectivedate">growth projection for India</a> from 7.6% to 6.6% due to <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a>. 
 The IMF said due to the "temporary negative consumption shock" of <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword>, it had cut growth projection. The report comes days after the <a href="http://www.businessinsider.in/searchresult.cms?query=world+bank&amp;sortorder=effectivedate">World Bank </a>also cut India's growth estimates. 
 
"In India, the growth forecast for the current (2016-17) and next fiscal year were trimmed by one percentage point and 0.4 percentage point, respectively, primarily due to the temporary negative consumption shock induced by cash shortages and payment disruptions associated with the recent and exchange initiative," the IMF said in its latest World Economic Outlook (WEO) update released today. 
 
The IMF said that after a lacklustre outturn in 2016, economic activity is projected to pick up pace in 2017 and 2018, especially in emerging market and developing economies. 
 
The global growth for 2016 is now estimated at 3.1 per cent, in line with the October 2016 forecast. 
 
As per new IMF projections, India's growth in 2016 is now estimated to be 6.6 per cent as against 7.6 per cent earlier forecast. 
 
In 2017, IMF has projected a growth rate of 7.2 per cent as against its previous forecast of 7.6 per cent. 
 The <keyword id="6356076" type="UNKNOWN" weightage="20" keywordseo="indian-economy">Indian economy</keyword> is likely to revive to go back to its previously estimated growth rate of 7.7 per cent in 2018, according to the WEO update. 
 The cut in India's growth rates comes days after the <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword> decelerated India's GDP growth for 2016-17 fiscal to 7 per cent from its previous estimate of 7.6 per cent citing the impact of demonetisation. But forecast issued on January 11 said that India would regain momentum in the following years with a growth of 7.6 per cent and 7.8 per cent due to a reform initiatives. 
 
Despite IMF's downward revision of India's growth rate and a slight upward revision of <a href="http://www.businessinsider.in/searchresult.cms?query=china+economy&amp;sortorder=effectivedate">China's growth projections,</a> India continues to be the fastest growing countries among emerging economies. 
 
But in 2016, China with 6.7 per cent has edged past India (6.6) with 0.1 percentage point. 
 
The growth forecast for 2017 was revised up for China (to 6.5 per cent, 0.3 percentage point above the October forecast) on expectations of continued policy support, the IMF said. India's growth rate in 2017 as per the latest IMG projections is 7.2 per cent. 
 
In 2018, China's growth rate is projected to be 6 per cent against India's 7.7 per cent. 
 
IMF said, in China, continued reliance on policy stimulus measures, with rapid expansion of credit and slow progress in addressing corporate debt, especially in hardening the budget constraints of state-owned enterprises, raises the risk of a sharper slowdown or a disruptive adjustment. 
 
These risks can be exacerbated by capital outflow pressures especially in a more unsettled external environment, the IMF said. 
 
IMF said global activity could accelerate more strongly if policy stimulus turns out to be larger than currently projected in the US or China. 
 
Notable negative risks to activity include a possible shift toward inward-looking policy platforms and protectionism, a sharper than expected tightening in global financial conditions that could interact with balance sheet weaknesses in parts of the euro area and in some emerging market economies, increased geopolitical tensions, and a more severe slowdown in China, it said. 
 
Maurice Obstfeld, Economic Counsellor and IMF Research Department Director, at a news conference here, said among emerging economies, China remains a major driver of world economic developments. 
 
"Our China growth upgrade for 2017 is a key factor underpinning the coming year's expected faster global recovery. This change reflects an expectation of continuing policy support; but a sharp or disruptive slowdown in the future remains a risk given continuing rapid credit expansion, impaired corporate debts, and persistent government support for inefficient state-owned firms," he said.

IMF cuts India’s growth rate from 7.6% to 6.6% due to demonetisation ‘shock’; upgrades China’s growth forecast

Way back in the late 1960’s, American astronaut Neil Armstrong immortalised the Moon odyssey with a phrase that effectively said, “That’s one small step for (a) man, one giant leap for mankind,” as he became the first man to walk on the Moon. We have come a long way since and the day is not far off when space tourism will become a reality. It has been a long journey and the world has learnt a few useful things along the way. 
 Similarly, the way to good <keyword id="2355507" type="UNKNOWN" weightage="100" keywordseo="Credit-Health">credit health</keyword> is no longer a distant hope; it is a distinct possibility. So let us begin the countdown to good credit health today. 
 
10. Be aware of the pros and cons: The first step to make things right is to be aware of what is not right. Awareness of your credit behaviour is essential to ensure good credit health. Are you aware that you are spending beyond your means? Do you plan your monthly budget and cash flow? Do you know your outstanding <keyword id="6368202" type="ORGANIZATION" weightage="100" keywordseo="Credit-card">credit card</keyword> amounts? Are you always stretched at the end of the month to pay all the bills and meet other expenses? All these are relevant questions and you must have all the answers. 
 
9. Credit to establish credit: If you have taken loans or have an active credit card, just make sure that you pay all the dues – always and on time. If you don’t have any current outstanding loan or credit card – it may be a good idea to take a secured credit card and build a good credit history. 
 
8. Timely check-ups help: Just like you have routine medical check-ups to ensure that all is well, it makes a lot of financial sense to check your credit report periodically (maybe once in 6 months) to make sure that everything out there is only about you and there is nothing else in the report which is not pertaining to you. 
 
7. Seek credit counselling from experts: With the increasing use of credit, the need for credit counselling is the need of the hour. Credit counsellors will help you manage your credit and advise you on ways to improve and maximise your credit health. We get busier day by day and don’t have much time to manage our credit health. That’s where credit counsellors can help just like expert doctors when it comes to your physical health. 
 
6. Keep a tab on credit card utilisation: It is better to distribute your credit card usage over multiple cards and have lower utilisation for each card, instead of having fewer cards and higher utilisation. This strategy helps avoid maximising your credit limit on one card. An interesting option will be to pay the credit card outstanding twice – once towards the end of the calendar month (so that when the data goes to the credit bureau, your o/s balances are low) and then again when the billing cycle comes up, so that you are not defaulting. 
 
5. Do not overshop for credit: Each time you apply for a loan or a credit card, the lender will make an enquiry with a credit bureau. Too many enquiries imply that you are credit hungry, you are shopping around or you are getting rejected (that’s why you could be applying to other lenders). Do your research before applying, select the lender who is offering you the best and most convenient option, and then apply. Too many enquiries impact your credit score negatively and affect your credit health. 
 
4. Avoid minimum payments on cards: If you only make ‘minimum payments due’ on your credit card, be careful. You are landing yourself into a debt trap and a very expensive one at that. Try and pay the full amount due – that is a good route to be credit healthy. Avoid minimum payments as they keep accumulating with interest by each passing month. If you borrow what you can repay, it is going to be an excellent approach to maximise your credit health. 
 
3. Borrow only when it is absolutely necessary: Take loans only when it is absolutely necessary. Evaluate your requirement in an objective manner and do not do ‘intuitive shopping for large ticket sizes.’ Going overboard with a number of credits to your name will lead you into a debt trap that will worsen your credit health. Limit yourself to the number of loans you need, rather than what you desire to have. 
 
2. Plan your cash flow and monthly budgets: It is all about cash flow management and budgeting. Prepare a 12-month budget and factor in contingency plans and servicing of current loans. Make sure that you will have surpluses to service any new loan/credit you are planning to take. It does not make sense repaying loans from your savings. 
 
And finally, the blast off... 
 
1. Always pay your loans on time. 
 
Follow these simple 10 ‘countdowns’ and you can be off to a trip to the Moon… sorry, to a great credit health. 
 
About the author: Satish Mehta is the Founder and Director of Credexpert, a credit and debt counselling company in India.

Start The Countdown To Good Credit Health;
It’s No Longer A Distant Dream

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Nick Leeson, <a href="http://uk.businessinsider.com/barings-bank-rogue-trader-nick-leeson-2015-2#ixzz3Y7BxJq2k">arguably one of the most famous rogue traders in recent history</a>, just told a London radio station LBC that the charges surrounding 36-year-old British trader Navinder Singh Sarao, doesn't "<a href="http://www.lbc.co.uk/nick-leeson-flash-crash-trader-is-scapegoat-108491">entirely ring true.</a>"Sarao was arrested on Tuesday in connection with the "Flash Crash" in 2010. <a href="http://uk.businessinsider.com/r-delayed-flash-crash-arrest-may-herald-future-spoofing-detection-woes-2015-4">The sudden slump in share prices wiped about 9% off the Dow on May 6, 2010, worth about $1 trillion (£665 billion) in value.</a><a href="http://uk.businessinsider.com/bail-for-the-trader-allegedly-responsible-for-the-flash-crash-has-been-set-at-53-million-2015-4">He later had bail set at £5 million ($7.5 million)</a>, along with other conditions and will remain in prison until at least today, until he raises the funds. He also faces extradition to the United States, which Leeson thinks is "shocking" and that Sarao is probably "very, very scared.""The story doesn't entirely ring true to me," <a href="http://www.lbc.co.uk/nick-leeson-flash-crash-trader-is-scapegoat-108491">he said to LBC this morning</a>. "It looks as though some of the trades he initiated were trigger points that initiated sequences of events that have led markets to fall so, so swiftly. "We are talking about a young trader that was operating out of his mum and dad's house and he's being charged with effectively forcing around the biggest stock market in the world and going up some of the biggest investment banks. That just doesn't ring true. I hate to jump to conclusions but he seems like a scapegoat. Is there something much more sinister that we don't know?"<a href="http://uk.businessinsider.com/barings-bank-rogue-trader-nick-leeson-2015-2#ixzz3Y7Fatpqj">Leeson single handedly lost Barings Bank £862 million through rogue trading in 1995</a>. February marked the 20th anniversary since he caused the collapse of Barings Bank. He fled Singapore with his then-wife Lisa and after he disastrously "lost a lot of money" across a flood of rogue trades. After causing an international manhunt, the bank eventually collapsed three days later as it struggled to recapitalise at such short notice, after Leeson concealed the losses from 1992 to 1995.He now works as a <a href="http://uk.businessinsider.com/barings-bank-rogue-trader-nick-leeson-2015-2#ixzz3Y7G1Jft8">debt counsellor and now lives with his second wife Leona,</a> in her home town of Galway, Ireland, after his first wife divorced him while he was in jail. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/game-of-thrones-stars-real-life-2015-4">Here's what 'Game of Thrones' stars look like in real life</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NzaTRldDoXZcQw9XO6NGGy8J2dbDaF1A" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Nick Leeson just said the man charged with the 2010 'Flash Crash' is a 'scapegoat'

Have you ever applied for an auto <keyword id="6360217" type="PERSON" weightage="100" keywordseo="Loan">loan</keyword>, a home loan or a personal loan? What if the loan application got rejected? What to do next? Rejection of any kind is one of the greatest fears that lie within us. But there is also a way to address this. Put on your thinking cap to understand what you should do next when your loan application gets rejected. 
 
Know and understand: Check with the credit institution to know the reason for the rejection. Try and understand the reason. According to the <keyword id="6354335" type="CITY" weightage="100" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword>, “A bank cannot reject your loan application without furnishing valid reason(s) for the same.” 
 Has the rejection happened due to a low <keyword id="6380214" type="UNKNOWN" weightage="100" keywordseo="credit-score">credit score</keyword>? Does it point to poor payment history? Are those reasons reflecting in your credit history? It’s time to check your credit report to know the specific reason or if there is any other reason behind it. 
 
Recheck your credit score: A low credit score could be one of the reasons why the credit institution rejected the loan application. There are several credit scoring models that different credit institutions follow – it could be its in-house scoring model or a credit score obtained from a credit bureau. It is advisable to check your credit score with one of the credit bureaus in the country to know how credit healthy you are. 
 
Do an error check: A credit report contains your demographic details, credit account details and payment history. Do a check whether there are errors on your credit report related to your personal details or account details. If you find some information that is not related to you, it needs to be rectified and updated by the respective credit institution and then at the credit bureau. 
 
Seek help: Do you need help to understand your credit report? Do you find it difficult to read your credit report? Credit counsellors can guide you in understanding and reviewing your credit report. They can also suggest ways to improve your credit score. Seek the guidance of these experts. 
 
Rejections are always a learning experience. So stop worrying and be a little more alert, a little more prudent, a little more assertive and a little more proactive. Just be disciplined and a window will open again. 
 
About the author: Satish Mehta is the Founder and Director of Credexpert, a credit and debt counselling company in India.

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