26M Took loans amounting to 11-12L this past year on my mother's name without her knowledge to invest in the US stock market. Lost it all.
Only 25k is remaining. I've let my mom and dad know and they've been very depressed. My dad (57) merely earns 17k per month working in a factory while mom (53) earns 20k currently. Monthly expenses don't exceed 20k. We have always lived paycheck to paycheck. Home loan of 10L paid off last year by selling land. No savings left (around 1L; their life savings, by working 10-12 hours every day), as I used up all of it to invest due to greed. Funds remaining only for next month's EMIs, then after that we will have no money left. Now thinking of applying for loan against property to pay off those low tenure high interest personal loans that are unsecured. Good idea? Or there are other alternatives? Kindly share... We desperately need guidance at this point.
ICICI Credit Card: 1.2L at 18% EMI 5.5k
Axis Bank Credit Card: 1.44L at 18% EMI 4.5k
Federal Bank Credit Card: 60k at 18% for 24 months
Axis Bank Personal Loan: 3.13L at 12.5% EMI 7k 5 years.
Credit Saison Personal Loan: 3.49L 3yr + 2L 3yr both at 16.49%. Total EMI 20k. Paid off 1L.