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Debt Trap

A Debt Trap is a situation in which a debt is difficult or impossible to repay, typically because high interest payments prevent repayment of the principal.

Incentive Structure

A debt trap is an incentive structure that lures individuals into accepting long-term debt obligations under conditions that strongly favor the lender. Victims of debt traps are often prevented from discharging the debt through techniques such as unusually high or variable interest rates, changing payment plans, and unreasonably high penalties for late payments.

Problem Debt

Problem debt leaves families and young people feeling stressed, anxious and depressed. Children living in families struggling with debt are five times more likely to be unhappy than children in families who don’t have difficulty with debt.
In addition, many of the young people that we work with, like care leavers and young carers, are particularly susceptible to feeling the damage of debt because they have to manage household finances.

 

 

 

Website for Assist Debt – Debt Counsellor

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