Saved Bookmarks
| 1. |
What is debt trap? How can anyone prevent from this? |
| Answer» A\xa0debt trap\xa0is defined as "A situation in which a\xa0debt\xa0is 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.\xa0Many\xa0people fall\xa0prey to \'easy EMIs\', \'discounts\', and \'sales\'. Compulsive spending can strain your finances and push you towards a\xa0debt trap. “People\xa0who can\'t control themselves often end up buying things on EMIs | |