Importance of timely repayment of borrowings to avoid default

The video tutorial discusses managing loans and avoiding default. It highlights the importance of timely repayment to avoid financial penalties, protect assets, and maintain a good credit score. The tutorial provides strategies such as budgeting, increasing income, focusing on high-interest debt, automating payments, and negotiating with lenders. It emphasizes the significance of managing loans for financial success and peace of mind.

Why is it important to maintain a good relationship with lenders?

What role does budgeting play in managing loan repayments?