You will also notice that there is no quick fix. It is a tough road forward and a lot depends on whether you want to get out of a financial mess.
In order to save your time on applying to banks and card companies, let us make it clear that you will not get any loan from a bank or card issuer until you are a defaulter on CIBIL or any other credit information companies.
Also remember, information lenders have draconian interest rates.
A good counsellor will guide you on how to reduce expenses and cut costs to pay off your dues. Seek counselling, but first get a credit report. There are no short cuts. Sorry for being so tough on you, but it is for your own good. If you take our advice, you will thank us later.
Sucheta Dalal Trustee - Moneylife Foundation
Abhay Datar Abhay Datar is a consumer activist. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of Mumbai Grahak Panchayat (MGP) in 2008 and solved many cases related to banking including online fraudulent transactions, misuse of credit cards and ATM cards. Also handled cases related with mobile banking frauds and mediclaim. He was a Member of the Managing Committee of MGP till March 2021.
Shirish Shanbhag Shirish Shanbhag has an MSc in Organic Chemistry, Diploma in Higher Education, a Diploma in a French and has completed his LL.B. in first class, in 2021. Before his retirement, he was a junior college teacher at Patkar College from July 1980 to May 2012, where he taught theoretical and practical chemistry. Post retirement in 2012, he started providing guidance and counseling to people on several issues, with a specific focus on co-operative housing society related matters. Adv Shanbhag has a kee
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