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Q.

Choose the given statement as true/false:

On borrowers, informal credit sources have negative repercussions.

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a

True

b

False

answer is A.

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Detailed Solution

The above statement is true.
The negative consequences of informal credit sources on borrowers are that most illegitimate lenders have substantially higher interest rates. As a result, informal loans are substantially more expensive for the borrower.
Higher borrowing costs result in borrowers using a higher portion of their income to repay the loan and keeping less for themselves. When borrowing money at a high-interest rate, the amount that must be repaid may be more than the borrower's income, resulting in rising debt and the debt trap.

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