When i read the headlines, i thought there is going to be some good suggestions / ideas, which i can pick it up.
Unfortunately, the answers provided by the author is not correct, for instance the effective interest rates on credit card (in india) you pay is 36% to 42% per annum , whereas a personal loan would cost around 18%-20%. In my opinion, taking a personal loan to square up the credit card dues is better and also i would have asked the person to surrender the card, if not required.
The author seems to thoroughly misguide people with wild suggestions, like selling off home, because of a person caught in debt trouble
what would have been a better suggestion is to restructure the other personal loans or to enter into a homesaver loan like the ones offered by HSBC / SCB, which facilitates in prepayment of your debt obligations.
Will rediff get someone better to write answers for such important questions to common man.
