A debt lure is a state of affairs the place a borrower is unable to repay their money owed because of excessive ranges of borrowing and rates of interest. In easy phrases, you find yourself owing more cash than you may afford. This will result in a downward spiral of debt and monetary hardship.
Many components can contribute to falling right into a debt lure, similar to sudden bills, job loss, or just overspending. To keep away from this case, a number of key methods are important.