Feeling stuck with High-Interest loans?

[Dhruv]

Between the credit cards and those high-interest loans, I'm feeling the pressure. I wonder if I should focus on a debt consolidation plan or negotiate my current rates before trying to get more credit. Getting my CIBIL score up first is probably the smarter move, right?

[Siddarth]

You’re on the right track. In India, credit card debt and high-interest loans can get out of control quickly. Follow these steps:

• Prioritize improving your CIBIL score over increasing credit.
• A better score secures better deals.
• Consider consolidating debt into a lower-interest loan.
• Discuss lower rates with your bank.
• Emphasize steady repayments to boost your score.
• Avoid seeking new credit until your score improves.