Rs 23,000 Salary, Rs 3 Lakh Debt: 27-Year-Old's Honest Confession On Reddit Goes Viral, Internet Reacts

A 27-year-old man has sought online financial advice after accumulating over Rs 3 lakh in debt from multiple loans and credit cards due to careless spending on parties and spas. On a monthly salary of Rs 23,000, he is unable to make payments, leading to a drop in his CIBIL score and rejection of new loan applications.

A 27-year-old man has sought online financial advice after accumulating more than Rs 3 lakh in debt through multiple loans and maxed-out credit cards. The man admitted to spending the money carelessly on parties and spa treatments in a social media post headlined "Fell in a debt trap because of my foolishness," which resulted in the present hazardous predicament. The guy shared a screenshot of his obligations, which comprised four personal loans and three credit card payments. He said that his monthly income of about Rs 23,000 was insufficient to cover the debts.

"Please suggest. I've tried to apply for a Rs 3 lakh personal loan for a 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," the user wrote in a Reddit post.

The man said that despite changing the sum into EMI, they were unable to make the payments and that his CIBIL score had declined as a result of the extensive credit card usage.

"Currently, CIBIL dropped from 770 to 765 already because of excess credit limit utilisation. I am a 27-year-old fool," the man said, adding: "I converted possible 80 per cent 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 on parties and spa (foolishness)."

Viral Reddit Post

How Did Netizens React?

"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.

Another wrote: "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 the man to acknowledge his mistakes and focus on gradually rebuilding his finances through disciplined spending.