These things will help you get out of debt trap

To solve this problem, firstly Imran needs to make a list of all the debts.

Many times we get caught in debt trap due to habit of extravagance or some other reason. Getting out of this trap is not so difficult. We can understand this with an example. Imran got caught in debt trap due to his habit of spending freely. Even after lakhs of efforts, the name of the debt burden has come down.

Many credit cards have exceeded their spending limit. The monthly installment of their purchase with a credit card has been made. To repay the debt, he has taken loan from many of his friends and relatives. Now they do not understand how to reduce their liability and how to get out of this vicious cycle of debt.

Imran knows that he is stuck in a difficult situation. But what they do to avoid this, they do not understand. Imran's credit score will now be affected due to being stuck in debt. It will also have a negative effect on their financial goals/savings.

To solve this problem, firstly Imran needs to make a list of all the debts. There is also a need to note the interest and minimum amount to be paid in this list and the date of monthly installment.

Once this information is prepared, Imran can do the planning correctly. Now they need to make a budget in which they have to calculate the minimum amount which they need every month to repay the debt.

In this, they have to keep in mind that this will have the least impact on their credit score. In this, they need to take care of priority in payment. Along with this, it is equally important for them to take care of the penalty for default/delay of any payment.

This will help them understand which credit card balance transfer will help them to pay less interest in the end. Apart from this, they will also help in arranging the amount for monthly installment.

Till the time all their debts are repaid, using cash for payment is the right option. This will help them keep an eye on expenses.

Imran's loan repayment plan must have a last date. They will have cash problems due to repaying the loan. This will also teach them that we should spend according to our capacity.

Islamic Way: 

Dua To Get Rid Of Loan/Debt As Taught By Prophet Muhammad Sallallahu Alaihi Wasallam

It has been recorded in Jami’ At-Tirmidhi that a man who was in debt came to Ali ibn Abi Talib (may Allah be pleased with him) seeking his help to pay off some debt. Ali told him:

“Shall I not teach you some words which the prophet (peace and blessings be upon him) taught me? If you say it, Allah will take care of your debt even if your debt was as big as a mountain.”

He then mentioned the following Du’a: “ اللَّهُمَّ اكْفِنِي بِحَلاَلِكَ عَنْ حَرَامِكَ وَأَغْنِنِي بِفَضْلِكَ عَمَّنْ سِوَاكَ”

Which means: “Suffice me with that which is lawful against that which is prohibited and make me independent of all those besides You.”

Transliteration: Allahumakfinee bihalaalika ‘an haraamika wa aghninee bifadhlika ‘amman siwaak

how recover loan in Islam
Dua to get out of debt

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