Post
Personal Finance
6mo
an operations executive
Drowning in Debt: Need Urgent Help!
Hey everyone,
I'm feeling really overwhelmed right now. My family's in a tough spot financially with about ₹6 crores in loans. We're barely making ends meet, and our savings are almost gone.
We bring in around ₹5 lakhs a month, but most of it goes towards loan payments. To cover our basic needs, we have to borrow an extra ₹1 lakh every month. It's a constant struggle, and I'm starting to feel hopeless.
I know this is a lot to take in, but I'm hoping someone might have been through something similar or can offer some advice. Any help or suggestions would be greatly appreciated.
a content writer
6mo
What did you spend the 6 crores on? It should be an asset for the business, right? Is your business in profit or loss currently? Is the company private limited?
If you are not seeing the business prosper, it is time to decla... see more
an assistant manager
6mo
Try to pay loan ASAP. At 5 lacs per month, it will take you 10 years and more just to pay this. Decrease your standard of living. And increase your salary. All the best.
an operations executive
author
6mo
@an assistant manager Yes according the estimates it will take around 10 years. I am looking for oth... see more
vadacurry
6mo
works at
Increasing your income is not possible at this month. Doubling up your income only can reduce the loan repayment duration which is practically not possible. As one user has stated, you can reduce your living cost and try to sell the assets that you have invested. I... see more
an operations executive
author
6mo
@vadacurry Hey, I totally get it. Increasing income isn't always a quick fix. That's why I think foc... see more
View 1 more reply
a deputy manager
6mo (edited)
Its better you seek help from proffesional financial advisors and they will help you in managing your money and debt.
an operations executive
author
6mo
@a deputy manager Makes sense!
an ux designer
6mo
A month at a time, Good luck!
an operations executive
author
6mo
@an ux designer Thankyou so much! 🙂
prodfixer
6mo
works at
You are not asking in the proper forum. This is not the place. You are not saying where are the 6 crores. What asset you kept as a mortgage. And, expecting people to give opinion/feedback. This doesn't work.
You explain the whole thing. Then me or others ... see more
an operations executive
author
6mo
@prodfixer I apologize for the oversight.
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