I am now in a total debt of nearly 40000 USD. It came to this high an amount simply because every creditor kept repeatedly giving me extremely low amounts thereby causing me to take whatever I got, to pay off pre-existing EMIs and this continued to mount with credit card interest along going above my monthly salary. For those who are not aware of how the lending institutions in this country work, they stop at NOTHING. The courts are extremely slow and before someone even looks into the harassment you are put through by the hired thugs and gangsters of the lending institutions, things become too late.

I am left to the mercy of these fraud apps and other ruthless lenders who take undue advantage of our dire need to make repayments consistently as is happening with me. On a side note, big lenders should also note that the approval and sanctioning department turning a blind-eye towards those in need and blindly following robotic rules (eg: credit report showing high debt but absolutely no consideration shown to the fact that this account that is over 16 years old and that every single repayment of the last 2 decades have been 100%) are leading to these ruthless startup moneylenders bleeding or siphoning a significant part of the earning potential of the big companies that have large capital to lend and the tenure they can afford to provide.

The problem started with my requirement for immediate funds last year during lockdown when banks were either shut or refusing to provide their routine services including loans. I simply took my card company's one year instant loan of approx 7000 USD. The bank then refused to convert it to an extended tenure saying I "accepted" the tenure while booking. After a few months, with lockdown continuing I couldn't go to any bank to apply for a regular loan to foreclose this bloodsucking loan and then I ended up borrowing more under the same "insta" option so my credit score doesn't get ruined. Thus started the saga of loans and more loans and my entire salary getting used on repayments and further towards excess use of my credit cards for routine spends and maxing out of the limits on all of them. Now these multiple cards all put-together - the interest on the due amounts alone are phenomenally high.

Also, big firms should consider focusing more on the debt consolidation assistance which is currently a dire need for millions of people and that might form a significant chunk of the company's earnings in the form of interest. Every single banking and financial institution I notice just has some mini write-up on debt consolidation but when the loan department is approached, they say they do not have any such separate category of loans and the application will be treated as a fresh personal loan and the routine eligibility criteria will be calculated.

I am hopeful that there could be some people out there who give consideration to "others" who desperately need money aside of those who play with your emotions showing injured animals or photos of poverty of abhoriginal people. Of course these cases do deserve our attention, but ignoring or considering people in dire need such as myself as "not important", I do not know why that happens. I personally approached many people portraying themselves as philanthropists and donating money for charity but they somehow didn't think they would get their publicity by helping me out.