A 27-year-old man has turned to social media for financial advice after admitting that reckless spending on parties and spa visits left him buried under ₹3 lakh in debt.
In a Reddit post titled "Felt in a debt trap because of my foolishness", the man said he currently earns ₹23,000 a month. He said that he had been trying to secure a ₹3 lakh personal loan to consolidate his dues, but every application had been rejected.
"Please suggest. I've tried to apply for Rs. 3 lakh personal loan for 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," he wrote.
The man added that his CIBIL score had dropped from 770 to 765 due to excessive credit card utilisation. "I am a 27 year old fool," he wrote.
In an update to the post, he went on to admit that most of the debt was self-inflicted. "I've spent all for parties and spa (foolishness)," he wrote. He also revealed that he had converted around 80-85% of his credit card dues into EMIs, but was still unable to keep up with the repayments.
{{/usCountry}}In an update to the post, he went on to admit that most of the debt was self-inflicted. "I've spent all for parties and spa (foolishness)," he wrote. He also revealed that he had converted around 80-85% of his credit card dues into EMIs, but was still unable to keep up with the repayments.
{{/usCountry}}In the comments section, the Redditor said that he lives with his family and is the sole earning member, making the situation even more stressful.
What did social media say?
The post quickly caught the attention of social media users, with many urging him to cut expenses and avoid taking extreme measures such as settling the debt.
One user wrote, "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. You earn 23k. Move to cheaper room/pg. 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. DO NOT SETTLE. Keep settlement as the last option."
Reacting to this, the OP wrote, "I live with family, sole earner in the family. I've converted possible 85% of credit cards into EMI. Then also won't be able to pay Credit Card EMI."
"Tbh no bank will offer you 3lakh loan with this inhand plus the credit history is looking not good as of now and gonna be even worse if not done something soon. Only thing you can do is to ask you friends and family with the amount with small interest and sell some possession if have. Get out of this trap asap coz it will going to be even worse seems like just a start," commented another user.
"I think some credit cards offer an option to split that amount into a certain no of months, in the meantime , you better sell the stuff (assuming iphone and shi...) you've brought. Try to get a loan over an asset like gold...etc. Just call those lenders and explain your situation, and ask them to reduce the monthly amount and extend the installments," suggested a third user.
"Never ever use 100% of credit limit. It won't just damage your credit score but also is a debt trap. Pls take help from friends and family and get your EMI in check. Also, this is the age to focus on improving your salary by getting right certifications and upskilling yourself," wrote one user.
(Disclaimer: This report is based on user-generated content from social media. HT.com has not independently verified the claims and does not endorse them.)