Want to come out of Debt Trap?

[crimeMaster]

Hi,
I am stuck in multiple personal loans and Credit card Debt, which comes around 10 Lakhs, my salary is 55,000 INR, and my obligation going out of hand making me nothing for my essential expenses,

I calculated my total obligation and my expenses, but it is feeling like I am drowning, some of my loans will is next 2-3 months, but right now I feeling overwhelmed.

I heard about Single Debt and connected to them they offer me that they will deal with loans creditors by giving them small and try to keep my finances in check, should I go for it or is there other way I can keep making EMI's on time and able to come out of this trap.

 

[Ayan37]

I was in the same situation as you but I gradually came out of that place. First you calculate all your loans and savings and try to stop unnecessary expenses completely, then if you can make some payments with your savings, then---

1. If your civil is bad then try to take a loan equivalent to the total outstanding loan from private finance at 20-24 percent interest and keep in mind that I should be 30-40 percent of your total salary and after running that loan for about 6-10 months if your civil goes up then try to take a loan from a government bank at a low interest rate like 10-15 percent, in this way you will gradually come out of this debt trap in 5-6 years.

or

2. If your civil is good then try to take a loan equivalent to the total outstanding loan from a government bank at a low interest rate like 10-12 percent, in this way you will gradually come out of this debt trap in 3-4 years.