Confused between debt consolidation and balance transfer? While both reduce financial burden, they serve different goals. Debt consolidation combines multiple loans into one EMI, while balance transfer lowers interest on a single loan. Learn which option saves more money in 2026 based on your credit score, debt type, and repayment profile.

Missing an EMI can trigger penalties, extra interest, and a drop in your CIBIL score. But quick action can minimise damage. Pay the overdue amount, speak with your lender, reschedule EMIs if required, and set up auto-debit. With consistent payments, your credit score can fully recover in 3–6 months.