economicsChoose the given statement as true/false:Credit forces the borrower into a difficult situation.

Choose the given statement as true/false:


Credit forces the borrower into a difficult situation.


  1. A
    True
  2. B
    False 

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    Solution:

    The above statement is true.
    Credit forces the borrower into a difficult situation where recovery is quite impossible. Along with the interest rate, collateral for a loan may also contain paperwork and a payback schedule. Borrowers are forced into a predicament from which recovery is difficult by credit: When the borrower is unable to pay back the loan, it occurs. Debt traps are situations that happen frequently. The borrower must sell a section of their land to repay their debt. The individual's circumstances significantly worsen from earlier.
     
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