what is a debt trap what are the factors responsible for it
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Answer:
it is a situation when a person is failed to pay back the loan and inorder to fulfill first loan payment he or she has to take other loans but still not able to pay back loans
Explanation:
main factors responsible for debt trap are -
situation of a person
how effectively loans has been utilised
loan is taken for profit purpose or not
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✎ Aɴsᴡᴇʀ
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Debt trap ↴
A situation in which a debt is difficult or impossible to repay is called as debt trap.
It is caused due to HIGH INTEREST.
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