Question

what do you mean by debt trap?

Answer 1

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✔A debt trap is a situation in which a borrower is led into a cycle of re-borrowing, or rolling over, their loan payments because they are unable to afford the scheduled payments on the principal of a loan.

✔These traps are usually caused by high-interest rates and short terms.

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Answer 2

HEY MATE,

it is a situation under which borrower is unable to repay the loan nd this pushes the borrower into a situation from which recovery is very painful...

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