Caught in a debt trap? Here are a few things you can do to get out of it

Never resort to paying just the minimum amount mentioned in credit card bills

Most borrowers going on peer-to-peer (P2P) platforms are seeking loans for debt consolidation and home renovation, according to data from LenDenClub, a P2P lending platform. It’s common for youngsters to run up debt, especially on credit cards, and then look for further loans to repay it. The highest number of borrowers on P2P platforms lie in the 25-34-year age group. The Reserve Bank of India’s data also shows that credit card outstanding and personal loans have been growing every month for the past few years. If you are caught in a debt trap, here a few things you can do