Man earning Rs 23,000 lands in Rs 3 lakh debt after spending on parties, shares post

A 27-year-old man admitted he had fallen into a debt trap after splurging on parties and spa visits, revealing that he had accumulated over Rs 3 lakh in debt despite earning just Rs 23,000 a month.

The story was shared on Reddit's r/CreditCardsIndia forum in a post titled, "Felt in a debt trap because of my foolishness."

In the post, the man said he had been trying to secure a personal loan of Rs 3 lakh with a longer repayment tenure to consolidate his debt, but every application had been rejected.

He explained that his monthly in-hand salary was Rs 23,000, out of which he could barely afford to pay Rs 4,000 towards loan repayments after covering rent and other household expenses.

The man also revealed that his CIBIL score had already dropped from 770 to 765 due to excessive credit utilisation.

In an update, he admitted he had converted around 80 per cent of his credit card dues into EMIs, but said even those monthly instalments had become difficult to pay.

Calling himself "a 27-year-old fool," he confessed that much of the debt came from spending on parties and spa visits. He added that despite living with his family, he was the sole earning member of the household.

A screenshot attached to the post showed his total outstanding debt stood at Rs 3,05,300.

Take a look at the post here:

The post prompted numerous responses from users, many of whom urged him to immediately stop using credit cards and lending apps to avoid worsening the situation.

Several suggested cutting discretionary expenses entirely, taking up freelance or part-time work to generate additional income, and redirecting any money previously spent on entertainment towards repaying the debt.

Others recommended negotiating with credit card companies to convert the remaining dues into EMIs, moving to cheaper accommodation if possible, and following a strict budget until his finances stabilised.

Some also used the post as a reminder about the importance of understanding financial products and avoiding excessive borrowing beyond one's repayment capacity.