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Old debt or bad debt, no matter whatever debt you have - it is always going to affect your credit score. And if you’re planning to do something big like buying a house, clearing all your past debts is the first and most important thing you should do.

Here are some helpful tips on how to repay your old/bad debts, and get your financials on track:

  • Make a list of all your outstanding debts - Use excel sheets or mobile apps to calculate how much you owe and to whom. This is a crucial step, as having a clear picture of your total debt gives you a better idea of how to tackle it.
  • Work your way one debt at a time - Start by repaying debts that are the most expensive - credit card bills, and other loans with high interest rates. Once you have cleared one debt, move on to the next one in your list. Remember the adage, slow and steady makes progress.
  • Save to Repay Debts - Plan your monthly budget. Use handy mobile apps to track your income and monthly expenses. Trim down unnecessary and luxury purchases until you clear all your debts.
  • Be consistent - Repaying all your debts don’t happen overnight. You need to be consistent and stick to your plan to be freed from your bad debts.

Having old and bad debts not only affects your credit score but your life as well. it’s an incessant source of worry. Use the steps listed here to get debt-free and your financials back on track.

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Corporate Agent (Composite)

CreditMantri Finserv Private Limited

CIN No

U72100TN2012PTC085154

IRDAI Registration Number

CA0665

Valid Till

01-Aug-2025

ADDRESS

CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002

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