You could land in a debt trap without even realising it. Here are a few warning signs you should pay heed to, before it is too late
For a large section of people, particularly in the salaried class, debt may be unavoidable, but borrowing irresponsibly can land you in trouble. An ET Wealth survey found that 15% of respondents have an EMI outgo of more than 50% of their income. Conducted in March, the survey had 2,042 respondents from across the country, age groups and income levels. The survey also showed one of five respondents have taken loans to repay existing loans in the past year -- a classic indicator of falling into a debt trap.
Debt is not a bad thing. But you need to plan properly, so that you don’t get into a debt trap