“Cheap and affordable credit is crucial for the development of a country.”
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yes Cheap and affordable credit is crucial for the development of a country
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Readily available cheap and affordable credit would lead to higher incomes and therefore encourage people to engage in businesses, agriculture and set up small scale industries.
Cheaper credit would allow weaker sections of society to enter the formal sector of credit and rid them of the exploitation at the hands of informal moneylenders.
Affordable credit would also end the cycle of debt trap.
The borrowers would have more income for themselves.
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