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If a person is unable to repay a loan, they are trapped into a ____.

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Detailed Solution

If a person is unable to repay a loan, they are trapped in a debt trap.
A debt trap is a situation wherein an individual cannot repay a loan due to losses they might have incurred in their investments. The borrower then takes another loan to repay the current loan, which makes them worse off than before, pushing them into debt traps. Though credit is helpful in many situations, it might also prove dangerous in cases wherein there is no guarantee of returns on investment, and the investment may even be rendered worthless. For example, in the event of a crop failure, a farmer cannot repay the loan he has taken for his agricultural needs.

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