- A 27-year-old man is in debt over Rs 3 lakh from loans and maxed-out credit cards
- He earns Rs 23,000 monthly but struggles to pay Rs 4,000 EMI after rent and expenses
- His CIBIL score dropped from 770 to 765 due to high credit card utilization
A 27-year-old man has sought online financial advice after accumulating more than Rs 3 lakh in debt through multiple loans and maxed-out credit cards. In a social media post titled "Fell in a debt trap because of my foolishness," the man confessed to spending the money recklessly on parties and spa visits, leading to the current precarious situation.
Sharing a screenshot of liabilities, which included three credit card payments and four personal loans, the man stated that he was earning only Rs 23,000 per month, which was not sufficient to pay the loans.
"Please suggest. I've tried to apply for a Rs 3 lakh personal loan for a longer duration to clear these, but all applications were rejected. My current salary is Rs. 23000 in hand. I can hardly pay Rs. 4000 monthly for loan, after rent and all other household expenses," the user wrote in a Reddit post.
The man said his CIBIL score had dropped after the heavy credit card utilisation and despite converting the amount into EMI, they were unable to make the payments.
"Currently, CIBIL dropped from 770 to 765 already because of excess credit limit utilisation. I am a 27-year-old fool," the man said, adding: "I converted possible 80 per cent of CC amount into EMI. Then also, it's not possible to pay EMI though. I am living with the family, and a sole earner. I've spent all on parties and spa (foolishness)."
Check The Post Here:
Felt in a debt trap because of my foolishness
by u/khadaaL in CreditCardsIndia
Social Media Reactions
As the post gained traction, a section of social media users advised the man to settle the loan amount, which might end up destroying his credit score, while others suggested living frugally and switching jobs to pay off the debt.
"If no one is ready to lend you, then stop all EMIs. Remove money from you Bank account on day zero. If the money is present, it will be auto-debited. Ask for settlement for all three private lenders, plus two credit cards," said one user while another added: "Do not do this. You are 27, do not f**k up your credit history. The amount is also not big. It's your 10 month salary. With prudence and hard work, you can pay this in 12-36 months."
A third commented: "It's good that you understand you messed up and it's time to fix. It's not easy, but you'll do it eventually. Start saving everywhere you can. Eat only at mess/home. Pay little by little. Call credit card companies and try to convert everything to EMI. This will give you some leeway."
A fourth said: "Only thing you can do is to ask your friends and family for the amount with small interest and sell some possessions if you have. Get out of this trap asap becuase it is going to be even worse."
