The Economic Times

Rs 2.5 lakh monthly income, still Bengaluru man fell into a 'debt trap': One common money management mistake costed him 95% savings

A 29-year-old Bengaluru man earning a combined 2.5 lakh a month after taxes says he has lost nearly 95% of his savings after spending heavily on a 35 lakh home renovation and a wedding costing more than 30 lakh. With a car loan, personal loan and around 70,000 in monthly credit card spending, he turned to Reddit for advice. Users suggested stopping credit card spending, pausing SIPs temporarily, clearing high-cost debt and building an emergency fund.