Post
Personal Finance
1mo
an operations executive
A Hard-Learned Lesson About Debt!
I’ve been in a tough spot lately and I wanted to share my story. I used to think I had my finances under control, but I quickly learned that credit card debt can spiral out of control.
I had a decent salary, but I started using credit cards for everything. Before I knew it, I had 20+ EMIs and was drowning in debt. It was a scary situation.
I finally decided to take action and consolidate my debt into a personal loan. It was a tough decision, but it was the right one.
Lesson learned: Don't let credit card debt take over your life. Be mindful of your spending and always have an emergency fund.
gemsbond
1mo
works at
I also have investments in a range of 6-7 lakhs but I felt pulling them out and losing my emergency fund would be worse
could you please ELI5 why you think it is worse?
View 5 more replies
importantscorpion
1mo
works at
You can borrow 50% of your equity portfolio to payoff cc if its less than the loan amount possible
intenseparrot
1mo
An Assistant Manager
This hits home:( My younger brother is in same situation like you. He still doesn’t share the full details but is in debt of apparently 25 lakhs. My father has helped him out a bit. But the sad and painful thing is the lack of remorse and onset of mental condition may be depression. Blackmails family.
Such a helpless situation. We have asked him to move in with us. Join a therapy. At least go for walks if not gym. But he heeds to nothing. I am glad you have realized your f**k-ups and now willing to make amends. I hope things get better for you. Now that you have pulled the plug, I am sure about better days ahead!
Good luck and all the best!
fashionabledodo
1mo
works at
Sorry to hear that. Usually in these kind of situation if someone steps up and 'rescues' someone with their debt then the responsibility of taking accountability goes away because somebody already paid your bill. This way it doesn't sink in situation they got themselves in the first place.
biryanienthu
1mo
An Assistant Manager
That’s what marketing and social media has done to us. Animals of consumerism.
fastandcurious
1mo
works at
Just curious, how much interest did you have to pay when you converted them to EMI's?
hrterminator
2w
currently not working
are you considering investing in stocks, mutual funds, or real estate ?
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