What is debt-trap?And in which situation it happened.
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Debt trap is an economic condition wherein a person is unable to pay back his / her loan.
It usually happens when a person avails economic benefits from informal sources of credit and he/ she is unable to pay back the loan due to high interest rate.
It usually happens when a person avails economic benefits from informal sources of credit and he/ she is unable to pay back the loan due to high interest rate.
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When a person can't able to give his loan and for high interest rate the amount that the person have to pay is increasing and is he was not able and he falls in a debt trap.
In happened in terms of loan paying mostly in the informal sector.
In happened in terms of loan paying mostly in the informal sector.
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