Earning 2,00,000 Monthly but Drowning in Debt: Techie Shares Financial Breakdown

We all have debts but managing them with our salary and expenses is highly important. If we do not focus on our expenses, then it is really important to make that a priority. As the expenses increase, then managing ongoing debt could be difficult. Currently, a post by a techie is going viral where he explains his breakdown over not being able to manage the debt despite having a Rs. 2 lakh per month salary.

The techie says he is now drowning in debt, whereas he earns Rs. 2 lakh per month. He is 27 years old and said he should be financially comfortable at his high paying job, but he is struggling and also expressed he cannot manage his finances and thus sought help online. He says he has zero rupees in his savings account.

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He explains that the debt rose last year when he got married. He said there were some unavoidable family situations and commitments required significant financial support which later, worsened the debt situation.

Earning ₹2L/month but drowning in debt, need advice
by
u/lonewolf_2298 in
FinancialAdviceIndia

“Personal loan with EMI of around Rs. 25,000 per month. Credit card EMIs totalling around Rs. 30,000 per month (these will end in the next 2 months). Mutual funds worth around Rs. 6 lakh are pledged and I’ve taken a loan of about Rs. 2.2 lakh against them,” he said.

The techie stated that he is now relying on one income with expenses pouring in every month after his wife lost her job. Along with a number of other commitments, the techie stated that he was making monthly payments of Rs. 25,000 on a Rs. 20 lakh loan from a family member.