Age 27 | Chennai | 4.5 LPA | In a 5L Debt Trap
I’m sharing this with a hope to find clarity and guidance. I currently earn 4.5LPA and live in Chennai. Over time, due to poor financial choices, I’ve ended up with a debt of around ₹5 lakhs—spread across 5 credit cards and 5 app-based loans.
I fully take responsibility for this situation. It was a result of my own misjudgment and lack of awareness. But now, I’m committed to turning things around and getting my financial life back on track.
I understand there is no quick fix, but I’m seeking a real, long-term solution. If anyone here has gone through something similar or has insights on:
Structuring repayments efficiently
Debt consolidation options
Trusted credit counseling services
Side hustle ideas to increase income
Any do's and don'ts during recovery
...your suggestions would mean a lot. I want to do this the right way — legally, ethically, and sustainably.
Thank you in advance to anyone who takes time to share. 🙏
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@thelonewolf Sorry , But as per Age your salary is way too less
If you dont increase salary you are going to get into this situation again. Becasue with age and responsibility finances need increases.
Dont got for settlement , After that you wont get home loan or personal loan for minimum 7 Years Only thing you can do if your parent can give me some lumpsump or friends then close these.
else this is never ending loop and you will destroy your self
I have seen it persoanlly