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I have 6 credit card and one personal loan. I had lost my job and was unemployed for a period of 8 months. However I have kept on doing the minimum payments due with what ever savings I had + making a mistake of using some credit card on rotation basis to do the payment. Last two month i.e. December 2019 & Janurary 2020 I got completely broke and was unable to pay any amount for any credit card or personal loan due. I understand that my due is around Rs. 7 to 8 lakhs (combining all the cards & the personal Loan inclusive of all outstanding). I have just joined a job on contract basis with a low salary of 24,000/- per month. I need help & support on debt management and credit counseling as with the current salary which I will receive, I probably may only be able to pay the minimum amount due of two of the credit card or one credit card & one personal loan. Requesting your help & suggestions
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Sucheta Dalal Trustee - Moneylife Foundation

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Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on finance, credit related issues

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