A 27-year-old man has sparked a discussion on Reddit after admitting that years of reckless spending left him buried in debt of more than Rs 3 lakh. In a brutally honest post, he accepted full responsibility for his financial situation, saying the money had been spent on parties and spa visits, and that he was now struggling to stay afloat.
The post, titled "Fell in a debt trap because of my foolishness", has struck a chord with many users. While some offered practical ways to repay the debt, others urged him not to make decisions that could permanently damage his credit history.
Man admits spending left him in debt
The Reddit user shared a screenshot showing his financial liabilities, including payments across three credit cards and four personal loans.
According to the post, he currently earns Rs 23,000 a month in hand, an amount he says barely covers rent, household expenses and loan repayments.
"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," he wrote.
He also revealed that his credit score had started slipping because of excessive credit card utilisation.
"Currently, CIBIL dropped from 770 to 765 already because of excess credit limit utilisation. I am a 27-year-old fool," he wrote.
The man added that he had already converted around 80 per cent of his outstanding credit card dues into EMIs, but even then he was unable to keep up with the repayments.
"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)."
Check the post here:
Reddit users offer advice
The post quickly attracted hundreds of responses, with users offering different suggestions on how he could recover from the debt.
Some advised him to negotiate settlements with lenders, even if it meant taking a hit on his credit score.
"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," one user suggested.
Others strongly disagreed, arguing that damaging his credit history over a relatively manageable amount would be a mistake.
"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," another user wrote.
Several commenters encouraged the man to cut unnecessary expenses, repay the debt gradually and stay disciplined.
"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," one person commented.
Another advised him to seek help from those close to him if possible.
"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 becuase it is going to be even worse."
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