09 Jul CNBC-TV18 Online – Don’t Fall Under Debt Trap
The story published on July 3, 2020 on CNBC-TV18 talks about how there are various signs that show, an individual is getting stuck in a debt trap. It also shares a few tips on how an individual could overcome that. The story talks about how borrowing irresponsibly can shatter the financial aspirations and hence, one should be cautious enough to avoid it. While there is no definite formula for calculating the debt trap, there are some warning signs that borrowers must be watchful of. It mentions that how according to Charlie Lee, chief executive officer and co-founder, True Balance, says that one of the classic signs that a person is falling into a debt trap is that they start defaulting on payments for more than a quarter. Another is that they start paying off EMIs with credit cards, where earlier they were using a debit or cash-based repayment instruments, he added. Other players like, InCred, Money Tap & Finology are also quoted along with True Balance. The website enjoys 5,850,000-page views monthly.