What is debt trap? How can …

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What is debt trap? How can anyone prevent from this?

Posted by Bunny ?? 5 years, 7 months ago

CBSE > Class 10 > Social Science

1 answers

Meghna Thapar 5 years, 7 months ago

A debt trap is defined as "A situation in which a debt is difficult or impossible to repay, typically because high interest payments prevent repayment of the principal." According to the Center for Responsible Lending, 76% of the total volume of payday loans in the United States are due to loan churning. Many people fall prey to 'easy EMIs', 'discounts', and 'sales'. Compulsive spending can strain your finances and push you towards a debt trap. “People who can't control themselves often end up buying things on EMIs

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