Tag: Credit Score

Learn how errors in your CIBIL report can affect your credit score, loan approvals, and interest rates, and what steps to take for correction.

Making only minimum payments on unsecured loans might seem like a harmless way to manage tight finances during tough times, but this practice can quickly spiral into a debt crisis. By deferring most of the loan's balance and primarily paying interest, borrowers often find themselves stuck in a cycle of increasing debt. The emotional and financial toll of this approach can make it harder to regain stability, with consequences such as credit damage and legal repercussions. Recognizing the danger of minimum payments and seeking professional help are essential steps to prevent long-term financial harm.