In today's times, it is rare to find children who acknowledge their parents' struggles and want to help. So, imagine the internet's reaction when a 21-year-old turned to Reddit for advice on repaying his parents' loan. In a detailed post, the user explained that his parents were dealing with a debt of nearly ₹70 lakh despite running a salon for over 15 years. He shared that the salon, located in Rohini, Delhi, generated steady revenue, but rising costs, EMIs, and past loans had created a financial burden that refused to ease. What looked stable on paper felt very different in reality.
“My parents are ₹70 lakh in debt despite running a salon for 15 years. How do we get out of this?” read the caption. He explained that the salon had been operating for about 15 years, while his father, also a lawyer, now spent more time supporting the business as legal work slowed down. The salon's monthly turnover was around ₹8.94 lakh, but expenses remained high across multiple heads. The breakdown included residential rent, shop rent, salaries, supplies, household expenses, and EMIs, which alone cost about ₹7.85 lakh each month.
The user shared that while some surplus appeared on paper, the debt had not reduced over time due to accumulated loans and credit obligations. He added that he wanted to help his parents and was willing to do whatever he could, but did not know where to start. “I want to help my parents and I am willing to do whatever I can, whether that is marketing, social media or finances. I just do not know where to start.” He asked people what they would do in his situation, seeking advice to become debt-free in 1-3 years, noting that his parents had worked incredibly hard and he wanted them to have peace of mind.
What did social media users say?
Numerous users shared intelligent advice. One suggested immediate cost correction, cutting fixed expenses like rent and lifestyle costs to free up funds for loan repayment. “Optimise your salon costs. Salon product supplies for 1 lakh seem excessive. Talk to another person knowledgeable in this field. 1,15,000 in credit card and EMI payments? Something is wrong here. If these are lifestyle expenses, you guys need to seriously think about and optimise your lifestyle to save money. Since you are 21, and near finishing college, try hard for safe and lucrative opportunities in your field,” advised another.
Several users emphasized understanding the complete debt structure, including interest rates and loan types. One comment read, “You need to first break down the loans properly. Then focus on repaying the highest interest debt first.” Another added that a disciplined repayment structure with even small income growth could consistently reduce the burden over a few years.
