How can I improve my financial situation?
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I am struggling with my finances right now (23M). My family is facing hidden bankruptcy and a heavy burden of debt. Earning ₹30,500 a month while supporting my family is tough, especially with ₹3.5 lakh in debt and monthly EMIs of ₹45,000. I need your guidance on how to improve my financial situation.
(I didn't find the perfect sub for this, that's why I asked here.) -
You urgently need to stabilize cash flow, as ₹45,000 in EMIs exceeds the ₹30,500 salary. Immediate action requires stopping new loans, contacting high-interest lenders for restructuring, and pausing all savings. The mid-term strategy is to significantly reduce spending and take on a side job to boost income, as a bank consolidation loan can only be considered after income improves.