what is debt?how person caught in debt.
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Debt is an amount of money borrowed by one party from another. It is situation when borrower is unable to previous loan and he takes new loan. This is called debt trap.
Hope it helps...
Hope it helps...
Answered by
3
Hey buddy ... Ur answer is ... Debt is the money borrowed by an individual from the othet....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. Hope u like it....!!!
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