Struggling with debt? Speaking to your lender early can help

Ignoring debt problems can lead to further financial strain, but speaking to your lender early can help. This approach allows you to discuss possible solutions and alternatives, such as temporary payment breaks or debt consolidation plans, which can prevent the situation from escalating. By addressing the issue promptly, you can avoid late fees, penalties, and damage to your credit score. This proactive approach can also help you regain control over your finances.

Why it matters

The RBI's requirement for lenders to have mechanisms for identifying borrowers is a standard practice. It does not have any significant impact on the market.

Market impact

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