Overview
- The man, who reports taking home Rs 23,000 a month, posted a screenshot of liabilities saying his discretionary spending created more than Rs 3 lakh in total debt.
- He says he holds four personal loans and unpaid balances on three credit cards and converted roughly 80–85% of card dues into EMIs that he now cannot meet.
- All applications for a Rs 3 lakh personal loan to consolidate debt were rejected and his CIBIL score fell from 770 to 765 because of high credit-limit use.
- Reddit users offered mixed advice—cut spending, ask family for help, negotiate settlements or stop EMIs—but commenters warned settlements or missed payments would further harm his credit.
- The case shows how high card utilization can reduce lenders' willingness to extend unsecured credit and that consolidation helps only when income and credit history meet lender criteria.