More than 50% of the population now relies on loans as a key financial instrument in this cutthroat economy. Loans are a choice that can assist one in obtaining a number of things, whether it be for an immediate financial need or the desire to purchase some indulgences. Loans are becoming more accessible to the general public and more affordable. Therefore they frequently apply for them even when there isn't an immediate need. However, a recent survey revealed that a significant portion of the population is currently struggling with the debt trap. It takes a while to discover that most borrowers are unaware that they are falling deeper into the debt trap, which is a very significant problem. Therefore, in order to be financially sound, one needs to be aware of the warning signs that indicate falling into a debt trap. A debt trap can be especially deadly because it often goes unreported until the person is already head-deep in it, at which point they must apply for another l