I have total payday loans amounting to 6 lakhs from multiple lenders. My salary is 1.8L per month. My parents and my wife are dependent on me.
Initially I took out a payday loan 60000 due to family function for which my family members are not ready to compromise.
During the same month my wife got medical emergency and to pay off that payday loan I took other payday loan and I have been stuck in the cycle for the past year.
No bank is ready to provide me a loan so that I can clear the payday loans. I thought If I am able to convert the payday loans to a bank loan my life would be much better with my current salary.
I have never missed a payment for credit card or any other payday loan till now and my credit score is 744.
Currently I am considering debt consolidation through loansjagat.
I am wondering how to get out of this trap. How people managed to get out of this. I am really stuck here and would appreciate any advice.