70% Debt Reduction for Mohammad Parvez’s Financial & Emotional Recovery
January 29, 2026
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As the year winds down, the “festive hangover” isn’t just physical—it’s financial. For many Indian households, the combination of Diwali, Eid & Christmas shopping, wedding season or vacation expenses, and rising inflation has pushed budgets to the breaking point. If you are looking at your credit card statement this month with a growing sense of dread, you are not alone.
Many borrowers sit on the sidelines, hoping the RBI (Reserve Bank of India) will cut repo rates to lower their burden. Here is the harsh reality: Credit card interest rates in India are sticky. Even if the RBI cuts rates, credit card APRs (often ranging from 36% to 42% annually) rarely come down immediately.
Hoping for a policy change to solve your debt is a mistake. The interest meter is running now. The time for passive worry is over; the time for strategic action is today. Here are four practical, Indian-market-specific ways to regain control of your financial life before the New Year begins.
The right strategy depends entirely on your CIBIL score and your current financial health. Evaluate these options against your situation to find the most effective path forward.
Best for: Borrowers with a good track record who are temporarily facing a cash crunch.
One of the most direct avenues for help is your bank itself. If you cannot pay the full bill, do not just pay the “Minimum Due” (which is a debt trap). Instead, call your bank and ask to convert your outstanding balance into EMIs.
Most Indian banks allow you to convert big-ticket spends or total outstanding amounts into 6, 12, or 24-month EMIs.
Best for: Individuals who still have a good credit score (750+) and hold multiple credit cards.
If you have one credit card that is maxed out but another card with a clean limit, look for a Balance Transfer offer. This involves moving your high-interest debt from Card A to Card B.
In India, banks often offer a “teaser rate” for Balance Transfers (sometimes as low as 10-12% for the first few months) or an interest-free period of 60–90 days.
Best for: Those juggling multiple cards who want a single EMI.
If you are struggling to track due dates across 3-4 different credit cards, a Personal Loan can be a powerful reset tool. In India, personal loans generally come with interest rates between 10.5% and 16%—significantly lower than the 42% charged on credit cards.
Best for: People who are already defaulting, facing harassment, and see no way to pay the full amount.
If you have already missed payments and are receiving threatening calls from recovery agents, traditional banking solutions won’t work. This is where Professional Loan Settlement comes in.
In this process, a debt relief company like Settle My Loan (SML) steps in as your shield.
As we approach the New Year, the goal isn’t just to make resolutions, but to find real financial solutions. Waiting for interest rates to drop or suffering in silence won’t clear your dues—strategic action will.
You have options, ranging from simple bank restructuring to professional legal intervention. However, navigating these choices while facing creditor pressure can be overwhelming.
This is where Settle My Loan steps in.
We don’t just give advice; we stand between you and your creditors. Through our multiple Debt Settlement Options, we help you negotiate down the loan repayment amount upto 70%, providing a structured path to becoming debt-free while our legal team shields you from harassment. Don’t let your debt burden follow you into another year.
Take the first step toward your financial freedom today.
Not immediately, and often not significantly. Credit card interest rates (APRs) in India are typically fixed high-risk rates, ranging from 36% to 42% annually. While RBI Repo Rate cuts impact home and car loans (floating rates) quickly, unsecured credit card rates rarely drop in tandem. Waiting for a policy change while paying 40% interest is a financial trap; active debt management is the only immediate solution.
Yes, in most cases, it is better than paying only the “Minimum Amount Due.” Converting your balance to EMI usually brings the interest rate down to 13%–18% (plus processing fees), compared to the 36%–42% charged on revolving credit. However, this blocks your credit limit. If you are struggling even with these reduced EMIs, you may need a structured Debt Settlement service from Settle My Loan.
Yes, settling a debt (paying less than the full amount owed) is reported to credit bureaus as “Settled” rather than “Closed.” This can temporarily lower your CIBIL score. However, this is often a necessary trade-off to escape a debt trap. Once you are debt-free, you can work on rebuilding your score. Settle My Loan guides clients through this process to ensure long-term financial health.
A Personal Loan consolidates multiple debts into one account with a fixed tenure and typically lower interest rates (10.5%–16%). A Balance Transfer moves debt to another credit card, often with a short “interest-free” window (60–90 days). If you are disciplined and can pay off the debt in 3 months, a Balance Transfer is great. If you need 1–2 years to pay it off, a Personal Loan or a Loan Settlememt is safer.
If you choose the Debt Settlement or Management route with us, our in-house legal team acts as your harassment shield. Our team redirects creditor communication to our advocates, ensuring you are not harassed. We handle the negotiation and legal compliance, allowing you to focus on gathering funds for settlement without the mental stress of abusive recovery agents.
