Hi Team,

I am working women and a mother of an 1yr daughter. My husband is jobless and i have been taking care of all house hold needs and i have debt of 10lac consolidated from many different banks and apps and jewel loan. I landed with so much of debt because of my husband who made me take Loan for him you start a business and which finally ended in loss. I am repaying all the loan all alone. Can you suggest how i can clear all debts and retain only one emi please finding very difficult in reaching my daughters needs with so many emis
1. Selling the jewellery rather than having a jewellery loan will be much smarter. Please read this article to understand the real cost of Gold Loans: https://www.moneylife.in/article/the-real-cost-of-gold-loans/47273.html

2. App loans also carry very high interest of 45% to 60% p.a or more. You need to close them down really fast. To get proper help you can speak to our counsellors (please send a mail to [email protected] with full details). But do understand that you need to sell assets, gold or whatever and start paying off app loans first. Once you do that, you can try applying for a personal loan from a better bank at significantly lower rates.
Our Experts

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

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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