As debt can alter your credit score (or CIBIL), your ability to borrow money on competitive terms may be affected. You may be charged a higher interest rate, offered a lower credit limit or rejected for a loan altogether.
If you are struggling with the high price of debt, you could try to:
Many people are in debt trying to pay for things that they can't afford, like a big house, a car, or even just daily trips to the coffee shop. If this sounds like you, consider ways to reduce how much you spend.
Talk to your lender
You may feel worried by the thought of talking to your lender, but in many cases, they can offer help and a way forward. They may be able to offer you a solution relevant to your situation.
Consolidate your debts
If you have multiple debts, it may be cheaper to consolidate these into one loan if it means a lower interest rate. Be aware of fees. You'll need to consider if there are fees and costs associated with repaying or consolidating your loans and if it will result in less debt to repay overall.
Protect the things that matter the most to you
How to identify and avoid financial threats
How good habits can help you achieve financial wellbeing
This publication has been issued by The Hongkong and Shanghai Banking Corporation Limited (HSBC), India, Incorporated in Hong Kong SAR with limited liability, for the information of its customers only. This publication does not constitute investment advice or an offer to sell, or a solicitation of an offer to purchase or subscribe to any investment. The information herein is derived from sources believed to be reliable and the concerned Information Provider(s) have duly authorised HSBC to use such information provided by them. Whilst every care has been taken in compiling the information, HSBC and the concerned Information Provider(s) do not guarantee, or make any representation or warranty and accept no responsibility or liability as to its accuracy or completeness and shall not be liable for damages arising out of any person's reliance upon this information or any action taken or not taken as a result of any material contained in the publication. Expressions of opinion are those of HSBC and the Information Provider(s) only and are subject to change without notice. HSBC has not independently verified any information provided by the Information Provider (s) or that has been derived from the sources believed to be reliable by HSBC. Opinions expressed herein do not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this publication. This document is for circulation in India only. No part of this publication may be reproduced or stored in a retrieval system without the prior written permission of HSBC. Any liability is accordingly expressly disclaimed by HSBC, its officers, directors and employees.