What is debt trap? can anyone come out of it?

Question

What is debt trap? can anyone come out of it?

Answer 1

The debt Trap is were you get so far into debt that your monthly payments are only covering the interest applied on the debt.  This way you will never actually pay off the debt, rather you just continue to pay interest always.

Yes there are ways to get one

1. Spend less and pay more on the debt

2. Get a 2nd job to help pay down debt

3. Consolidate debts to a lower rate using a Bank loan (Stay away from third party debt consolidation companies)