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Manage existing debt

A man managing online banking; image used for HSBC India Manage existing debt article

Being in debt costs money.

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:

  1. Cut back
    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.
  2. 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.
  3. 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.

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