Financial Literacy: What It Is and Why Is It So Important?
September 8, 2025
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Do you know that while it’s entirely possible to manage your debt on your own, thousands of Indians have ended up deeper in financial distress because they didn’t understand the complexity of repayment, negotiation, and legal frameworks? Professional debt counseling is gaining traction in India due to rising credit card debt, BNPL defaults, and personal loan burdens. So, should you tackle your debt yourself or lean on professionals to guide you through?
This article compares Personally Handled Debt Resolution vs. Professional Debt Counselling to help you make the right choice. Whether you’re staring at growing EMIs, constant creditor calls, or just wondering how to budget for debt repayment—we’ll break down the pros and cons of each route.
Managing your own debt sounds empowering—and for some, it absolutely can be.
Take Rohit, for instance—a marketing executive from Mumbai. When his credit card debt reached ₹1.2 lakhs, he built a spreadsheet, cut expenses, and started snowballing his repayments (paying the smallest debt first). It took 18 months, but he cleared his dues without external help.
Debt counselling involves working with a certified professional or agency who helps you analyze your financial situation, set up a structured repayment plan, and deal with lenders.
It’s not just advice—it’s hands-on intervention.
Companies like SingleDebt have in-house financial experts and legal advocates who understand Indian banking, lending norms, and RBI guidelines. This isn’t generic advice—it’s tailored strategy.
If you’re being harassed by recovery agents, or facing bounced cheque notices, SingleDebt’s legal team steps in. Their paralegal team even takes creditor calls on your behalf.
A Debt Management Plan combines all your unsecured EMIs—credit cards, personal loans, education loans—into one manageable monthly payment based on your income.
By structuring your repayments and eliminating missed EMI records, your CIBIL score starts to improve.
SingleDebt also offers emotional support, budgeting tips, and education, so you’re not just paying off debt—you’re learning to avoid it long term.
A 32-year-old unmarried man from Pune, living with his elderly parents, fell into a debt trap while covering their medical expenses. Earning only ₹56,000 per month, he had six credit cards and four personal loans, with monthly EMIs totaling ₹74,896. To stay afloat, he borrowed from family and friends, but soon began missing payments.
This led to severe creditor harassment—30–40 calls a day, aggressive home visits, and verbal abuse directed at his ill parents, aged 60 and 64. After approaching SingleDebt, our initial counselling revealed he had no savings and relied solely on his salary. We recommended our Personal Debt Plan (PDP) as the best solution.
After enrolling, our Advocates stopped the harassment within eight weeks, responded to legal notices, and prevented an Arbitrator’s order to seize his belongings. He now pays ₹20,000 per month, which we distribute across his ten creditors on a pro-rata basis, all of whom have agreed to the PDP terms.
| Feature | DIY Management | Professional Counselling |
| Control | Full control | Shared control with expert guidance |
| Costs | Free (but time intensive) | Affordable service fees based on income |
| Legal Support | None | Provided (advocates, paralegals) |
| Negotiation with Lenders | You handle it | Done by experts |
| Stress Level | High | Significantly reduced |
| Creditor Harassment Handling | You’re exposed | Redirected to legal team |
| Best For | Small debts, financially literate users | High debt, legal issues, emotional stress |
Still debating which path is right for you?
Take a moment to ask:
If even one answer is “yes,” then it’s time to stop juggling and start healing.
Let SingleDebt be your financial partner.
Because debt isn’t just about money—it’s about mental freedom, dignity, and peace of mind.
You should strongly consider professional help if you’re facing any of these issues:
You have multiple high-interest debts (credit cards, personal loans) and are struggling to keep track.
You are receiving daily calls, threats, or visits from recovery agents.
You have received legal notices related to your debt.
The financial stress is negatively impacting your mental health and daily life.
The main risks of the DIY approach are the lack of legal protection against aggressive recovery agents, the difficulty in successfully negotiating settlements or interest reductions with banks, and the high potential for emotional burnout from the constant stress and pressure.
Yes. Reputable debt counseling agencies have in-house legal and paralegal teams. Once you enroll in their program, they formally take over all communication with your creditors, which legally requires the agents to stop contacting you directly.
The biggest difference is support and legal protection. When you manage debt yourself (DIY), you have full control but are solely responsible for negotiating with lenders and handling any harassment. A professional counselor provides expert negotiation, a structured repayment plan, and a legal team to stop creditor harassment on your behalf.
