u003cbr/u003eWhile consumer loan makes it super easy to buy the stuffs you want, they are among the main reasons why people fall into over-indebtedness. Since interest rates are higher than the market rates, lending companies take advantage of this, if you are unable to repay. That's why it's essential that you always try to meet payment deadlines on time and by making full payment.u003cbr/u003eu003cbr/u003eThis is the reason why borrower should make his/her own budget and set as a goal to save whatever is possible and pay off debt as soon as possible, since there is no prepayment penalty.