I am in a debt trap now. I am the only earning member on my family. I am having 3 credit cards and 2 personal loans. Everything was going good. My mother has been keeping unwell for some time, But suddenly her health condition got worsen. So medical and monthly medicine bill got unexpectedly increased. I don't know what to do. I m in stress and not able to manage my family expenses.
The loan summary is as below.
HDFC Bank- PL- 5 LPA(Paying regularly)
HDFC Bank- CC- 1 lakh( Paying regularly)
SBI credit card- 1 lakh (Defaulted since 2 months)
Standard Chartered- 1 lakh( Defaulted since 3 months)
Please please advice. Shall I go for debt settlement? If so how can I proceed.
Sucheta Dalal Trustee - Moneylife Foundation
Suresh Prabhu Mr Prabhu retired as Senior Vice President from HDFC Bank
R Bhuvaneswari After serving Bank of Baroda for almost 40 years, Ms Bhuvaneshwari retired as Chief Manager in 2013.
Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on finance, credit related issues
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