One often takes the route of debt to satisfy his/her needs when the needs are beyond his/her financial capacity. At that point of time s/he feels blessed but if this is not managed properly, this blessing turns out to be a curse and then s/he feels cheated and finds her/him caught in a trap of debts.
Various Forms of Debt
There are so many kinds of debt available in the market; formal as well as informal. You can borrow in such ways:
Credit Cards: These are the most risky debt available in the market. The cost of credit card loans ranges between 35%- 50% per annum. Use only when it is necessary.
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