Credit sometimes pushes the borrower into …

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Credit sometimes pushes the borrower into a situation in which recovery is very painful? Support the statement with example

Posted by Dev Tiwari 4 years, 9 months ago

CBSE > Class 10 > Social Science

2 answers

Raghav Kumar Singh 4 years, 9 months ago

Credit sometimes pushes the borrower into a situation in which recovery is very painful because if a person take loan and not able to pay back in that situation the person is in debts trap so that the bank take history documents collateral etc. Example: Salim grow crops in field and in natural disasters his crop fall in that situation Salim take loan from zamindar and not able to pay back in that situation recovery is very painful

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Adithya Dev A 4 years, 9 months ago

Say about an example of informal source of credit.

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