It all began with a harmless SMS. Software engineer, 29-year old Ujjwal was looking for some money to repay a friend. For his photography trip to Malaysia, he had to borrow Rs 50,000 because he decided to visit neighbouring Vietnam as well. He was wary of using his credit card overseas, so asked his colleague to wire the money. Two months later, it was time to pay back his colleague.
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The SMS from the bank offered a great deal, and the best part of it was that this loan would not be added to his credit card limit. Ujjwal took the bait and signed up for a Rs 1 lakh loan for three years.
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As months went by, Ujjwal was approached by other banks. It is always nice to hear about your high credit score. The sweet talk makes even a discerning borrower feel great. Ujjwal was elated, and he felt the need to oblige everybody. New credit cards, new digital platforms offerings loans and even few of friends working in non-banking finance companies (NBFCs) offered him great loan deals.
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Top credit card companies gave him three more cards. From Rs 2 lakh, his credit limit became Rs 15 lakh across four cards. Always paying off minimum dues for each of his cards, Ujjwal’s credit card debt soared. A personal loan was offered to him to slash interest costs of credit cards. The personal loan salesperson asked him to take a bigger amount in case he faced an emergency. Once he managed to reduce the Rs 26,000 credit card Equated Monthly Installments (EMIs) to Rs 18,000 EMI on personal loan, Ujjwal started rolling over the personal loan too. Every time he took a new loan, the personal loan provider asked him to take more than outstanding.
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