Debt of 25 Lakh, how should we handle it?
Here's the situation. My father has a small business from 10-15 years, over the year due to bad financial choices and luck. He managed to accrue this massive debt. Idk the actual amount, as he told me it's 25 lakhs and I doubt that. His income is around 40-60k a month, and I've started earning 17k since last 2 months. In a couple months I'll be able to earn 25k per month minimum.
Most of my father's income goes towards household expenditures and paying off the loan, but it isn't even decreasing a bit. Most of what he repays goes towards outstanding interest, not towards principal amount. If any big financial need arises, ig he takes another loan from somewhere to fulfill it.
We have 23 bighas of ancestral land in Rajasthan. Around 10 bigha is right adjacent to village and according to my father. Similar land patches in our village were sold at rates of 10-15 lakhs per bigha in past. A second piece of 13 bigha land we have near a newly built rural highway. According to my father, it's current rate is around 2 lakhs per bigha as it is bit far from village, although not much just 6-7 kms.
My mother wants to sell it to pay off the debt, but my father isn't agreeing to it, saying that he'll only sell it after me and my siblings marriage that is 2-3 years in future. While I agree to not selling the land currently as its value will rise in future, I'm worried about this debt. I'll be married in a couple years and don't want to be burdened with this debt while taking new and crucial responsibilities of a family.
How should we tackle this issue?
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---I may seem ungrateful and viewing this issue as if its someone else's, but I'm just bad with words and expressing my thoughts.