DEBT TRAP – THE NEW REALITY
While playing video games, you know that one wrong move and you could get trapped! Life functions in the same manner. One wrong ? nancial move and you are Debt-trapped. Let’s understand this better
Traditional vs New-age Debt
While the real essence of Debt has remained the same, its applicability has changed over the years. Earlier people would borrow money for bigger needs such as a house, after due consideration. Low Debts could also be credited to the dif? culty of getting a loan. Today you borrow money for even small wants such as an earphone. The easy availability of credit is alluring.
However, the seemingly helpful loan comes with hidden costs. Here’s what you don’t realise: