In this article, we will cover what is debt trap and what leads you to debt trap.
- Do you have home loan ?
- Do you have personal loan ?
- Do you buy items on no cost emi ?
- Do you have a vehicle loan ?
- Do you pay EMI more than 50% of your income ?
Even if you answer YES to 4 out of 5 questions, you are on your way to get yourself trapped into this.. This situation will force you to take fresh loans to repay your existing loans. Once you get into this, its extremely difficult to come out of it. Best thing is to prevent yourself from falling into this at first place. You need to take a step back and re-access your lifestyle.
Always remember, “Anything you buy on loan is owned by banks till you repay the loan”.
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