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A 27-year-old earning Rs 23,000 a month admits his spending habits left him with over Rs 3 lakh in debt, and now even basic loan repayments have become difficult to manage
He turned to Reddit for financial advice. (representational image)
A 27-year-old man has shared his financial struggles online after admitting that careless spending has left him with more than Rs 3 lakh in debt. In a Reddit post, he said frequent parties, spa visits and heavy use of credit cards pushed him into a situation he now deeply regrets.
The man said he is trying to find a way out, but his monthly salary is not enough to manage both his household expenses and loan repayments. He asked other users for advice on how to deal with the growing debt.
He Admits Spending Beyond His Means
The Reddit post, titled “Fell in a debt trap because of my foolishness,” included a screenshot of his outstanding loans and credit card dues. According to the man, he has four personal loans and unpaid balances on three credit cards. He said he takes home Rs 23,000 a month, making it difficult to keep up with the monthly payments.
“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 also said his credit score had started falling because he had used most of his available credit limit. Although he converted around 80 per cent of his credit card dues into EMIs, the monthly payments are still too high for him.
“Currently, CIBIL dropped from 770 to 765 already because of excess credit limit utilisation. I am a 27 year old fool,” he wrote.
In an update, he admitted how the debt had built up. “I converted possible 80% 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 for parties and spa (foolishness).”
Reddit Users Offer Different Advice
The post received many responses, with users sharing different suggestions on how he could improve his financial situation.
A person advised him to stop paying the EMIs for now and negotiate settlements with lenders, even if it affected his credit history. “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,” the user wrote.
However, another user strongly disagreed and warned him not to damage his credit record. “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.”
Others encouraged him to reduce unnecessary spending and slowly pay off the debt. “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,” another Reddit user commented.
One more person suggested asking family or friends for help before the debt grows further. “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 because it is going to be even worse.”
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