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In order to maintain this level of expense at this level of income, you have fallen into a trap of borrowing (on long term debt, as well as outrageous short term debt). You seem to mention credit card rates with their monthly interest rates, but if you called them by their annual rates of >50%, it would likely make your skin crawl. If your credit card has an annual rate of 50%, and you fail to pay off the card for 2 years [it looks like you are currently not paying off your cards for many years], whatever you buy on it actually costs more than double what you think it does.

(2) Prepare a monthly budget, just for 1 month at first. This will be difficult, and there will be a lot of learning and growth before you are able to be confident and successful in this, but you honestly must start, the sooner the better. There are more in-depth guides on budgeting available (google "You Need A Budget" for a popular method), but the basics would be: consider every category of spending (rent, car, entertainment, clothes, food, utilities, gifts, interest payments, principal debt payments, savings), and allocate your income to each of these catagories. Your budget cannot be higher than your income!. If you absolutely cannot make the budget 'work' (expenses higher than income), you need to start considering more drastic measures (see further work below).

Part of setting a monthly budget will be to take into consideration your current and future financial goals. When do you want to be debt free? Do you need to save for education for yourself or a family member? Have you thought about how you might be able to retire in the future? These are deep questions that may be scary for you today, and perhaps you can put off these questions for a month or 2 while you get the rest of your budget in order, but in the near future you must ask yourself honestly about these things.

• You are saving money each month in mutual funds (do you have any savings already you could cash out???), earning probably 10% each year or less, while you have outstanding credit card debt that seems to have annual rates of 50% each year or higher!!! which is better, save 1000 to earn 100 Rs, or pay off 1000 of debt to save 500 RS?

• You seem to have 2 different life insurance policies costing you about 5000 Rs a month. Again, if you used these funds to pay off your credit cards, it would save you about 2500 in interest over the course of a year. Cancelling these policies may be difficult, and depending on your age, it may be more expensive to restart these plans in a few years when you pay off your debt and take on a new insurance plan. So it may be a painful decision to cut these, but as it stands it might be necessary. Hard to know before you prepare and follow a budget to see what else can be cut.

• A general rule of thumb is that housing costs should not exceed 1/3 of your income. Whether this is possible or preferable will depend on your location. In some places, housing can cost less than this, in some places it must cost more. Depending on your income level, you may be able to live more modestly than 1/3 of your income, etc.. However using this rule of thumb, we can see that you pay about 1/3 of your income on mortgage and home debt alone. Add in utility costs, property taxes, and home repairs, and I expect this number comes closer to 50% of your monthly income. That is a red flag. **So the question here is: can you lower your housing costs, by moving, or taking on a roommate, or something else? You are in an extreme situation here, and perhaps you need to even sell your house and rent until you are more stable.

• Is earning more income possible, either with a side job, or having someone else in your household also work?

• As for your other expenses, you have given no indication of what they are, but I expect they are probably higher than you might tell yourself. There is no way to know this until you go into your last month of spending in detail, and create a budget and try to stick to it.

(7) Sell anything you have of value that you do not need. Everything from a car if public transportation is possible, to extra clothing you don't wear, to old videos and entertainment systems and appliances. This will give you a little initial cash to pay down debt further, but also will be part of committing yourself to not continuing to spend new money in these areas. Leave yourself what you need to survive and function, but you will need to make some sacrifices (don't lie to yourself about what you need - if a tv that you could sell for $50 is your only entertainment, don't sell it so that you end up feeling the need to buy a new one for $150 next month). Now would be a good time to consider 100% free entertainment options (outdoor exercise, even simply walking every day, may significantly help your mental and physical well-being, especially if you work indoors all day at an office-type job.

In order to maintain this level of expense at this level of income, you have fallen into a trap of borrowing (on long term debt, as well as outrageous short term debt). You seem to mention credit card rates with their monthly interest rates, but if you called them by their annual rates of >50%, it would likely make your skin crawl. If your credit card has an annual rate of 50%, and you fail to pay off the card for two years [it looks like you are currently not paying off your cards for many years], whatever you buy on it actually costs more than double what you think it does.

(2) Prepare a monthly budget, just for 1 month at first. This will be difficult, and there will be a lot of learning and growth before you are able to be confident and successful in this, but you honestly must start, the sooner the better. There are more in-depth guides on budgeting available (google "You Need A Budget" for a popular method), but the basics would be: consider every category of spending (rent, car, entertainment, clothes, food, utilities, gifts, interest payments, principal debt payments, savings), and allocate your income to each of these catagories. Your budget cannot be higher than your income! If you absolutely cannot make the budget 'work' (expenses higher than income), you need to start considering more drastic measures (see further work below).

Part of setting a monthly budget will be to take into consideration your current and future financial goals. When do you want to be debt free? Do you need to save for education for yourself or a family member? Have you thought about how you might be able to retire in the future? These are deep questions that may be scary for you today, and perhaps you can put off these questions for a month or two while you get the rest of your budget in order, but in the near future you must ask yourself honestly about these things.

• You are saving money each month in mutual funds (do you have any savings already you could cash out?), earning probably 10% each year or less, while you have outstanding credit card debt that seems to have annual rates of 50% each year or higher!!! which is better, save 1000 to earn 100 Rs, or pay off 1000 of debt to save 500 Rs?

• You seem to have two different life insurance policies costing you about 5000 Rs a month. Again, if you used these funds to pay off your credit cards, it would save you about 2500 in interest over the course of a year. Cancelling these policies may be difficult, and depending on your age, it may be more expensive to restart these plans in a few years when you pay off your debt and take on a new insurance plan. So it may be a painful decision to cut these, but as it stands it might be necessary. Hard to know before you prepare and follow a budget to see what else can be cut.

• A general rule of thumb is that housing costs should not exceed 1/3 of your income. Whether this is possible or preferable will depend on your location. In some places, housing can cost less than this, in some places it must cost more. Depending on your income level, you may be able to live more modestly than 1/3 of your income, etc.. However using this rule of thumb, we can see that you pay about 1/3 of your income on mortgage and home debt alone. Add in utility costs, property taxes, and home repairs, and I expect this number comes closer to 50% of your monthly income. That is a red flag. **So the question here is: can you lower your housing costs, by moving, or taking on a roommate, or something else? You are in an extreme situation here, and perhaps you need to even sell your house and rent until you are more stable.

• Is earning more income possible, either with a side job, or having someone else in your household also work?

• As for your other expenses, you have given no indication of what they are, but I expect they are probably higher than you might tell yourself. There is no way to know this until you go into your last month of spending in detail, and create a budget and try to stick to it.

(7) Sell anything you have of value that you do not need. Everything from a car if public transportation is possible, to extra clothing you don't wear, to old videos and entertainment systems and appliances. This will give you a little initial cash to pay down debt further, but also will be part of committing yourself to not continuing to spend new money in these areas. Leave yourself what you need to survive and function, but you will need to make some sacrifices (don't lie to yourself about what you need - if a TV that you could sell for $50 is your only entertainment, don't sell it so that you end up feeling the need to buy a new one for $150 next month). Now would be a good time to consider 100% free entertainment options (outdoor exercise, even simply walking every day, may significantly help your mental and physical well-being, especially if you work indoors all day at an office-type job.

Your expenses (including interest and minimum debt repayments) are currently higher than your income! This is your priority #1! I cannot stress enough that if you take on new debt in order to make payments on old debt, that is often the last stage before financial breakdown.

Your expenses are currently higher than your income! This is your priority #1! I cannot stress enough that if you take on new debt in order to make payments on old debt, that is often the last stage before financial breakdown.

• You are saving money each month in mutual funds (do you have any savings already you could cash out???), earning probably 10% each year or less, while you have outstanding credit card debt that seems to have annual rates of 50% each year or higher!!! which is better, save 1000 to earn 100 Rs, or pay off 1000 of debt to save 500 RS?

• You seem to have 2 different life insurance policies costing you about 5000 Rs a month. Again, if you used these funds to pay off your credit cards, it would save you about 2500 in interest over the course of a year. Cancelling these policies may be difficult, and depending on your age, it may be more expensive to restart these plans in a few years when you

• A general rule of thumb is that housing costs should not exceed 1/3 of your income. Whether this is possible or preferable will depend on your location. In some places, housing can cost less than this, in some places it must cost more. Depending on your income level, you may be able to live more modestly than 1/3 of your income, etc.. However using this rule of thumb, we can see that you pay about 1/3 of your income on mortgage and home debt alone. Add in utility costs, property taxes, and home repairs, and I expect this number comes closer to 50% of your monthly income. That is a red flag. **So the question here is: can you lower your housing costs, by moving, or taking on a roommate, or something else? You are in an extreme situation here, and perhaps you need to even sell your house and rent until you are more stable.

• Is earning more income possible, either with a side job, or having someone else in your household also work?

• As for your other expenses, you have given no indication of what they are, but I expect they are probably higher than you might tell yourself. There is no way to know this until you go into your last month of spending in detail, and create a budget and try to stick to it.

• You are saving money each month in mutual funds (do you have any savings already you could cash out???), earning probably 10% each year or less, while you have outstanding credit card debt that seems to have annual rates of 50% each year or higher!!! which is better, save 1000 to earn 100 Rs, or pay off 1000 of debt to save 500 RS?

• You seem to have 2 different life insurance policies costing you about 5000 Rs a month. Again, if you used these funds to pay off your credit cards, it would save you about 2500 in interest over the course of a year. Cancelling these policies may be difficult, and depending on your age, it may be more expensive to restart these plans in a few years when you pay off your debt and take on a new insurance plan. So it may be a painful decision to cut these, but as it stands it might be necessary. Hard to know before you prepare and follow a budget to see what else can be cut.

• A general rule of thumb is that housing costs should not exceed 1/3 of your income. Whether this is possible or preferable will depend on your location. In some places, housing can cost less than this, in some places it must cost more. Depending on your income level, you may be able to live more modestly than 1/3 of your income, etc.. However using this rule of thumb, we can see that you pay about 1/3 of your income on mortgage and home debt alone. Add in utility costs, property taxes, and home repairs, and I expect this number comes closer to 50% of your monthly income. That is a red flag. **So the question here is: can you lower your housing costs, by moving, or taking on a roommate, or something else? You are in an extreme situation here, and perhaps you need to even sell your house and rent until you are more stable.

• Is earning more income possible, either with a side job, or having someone else in your household also work?

• As for your other expenses, you have given no indication of what they are, but I expect they are probably higher than you might tell yourself. There is no way to know this until you go into your last month of spending in detail, and create a budget and try to stick to it.