CBSE Class 10 Answered
situations with high risks credit might create further problems for the borrower. explain.
Asked by psukhman672 | 06 Jan, 2022, 07:00: PM
Expert Answer
The situations with high risks credit might create further problems for the borrower due to the following reasons:
- The borrowers have to pay interest on principal as well on interest to lenders.
- If the borrowers’ default in payment, then the lender may sell the assets of the borrowers to recover the money. This may further create problems for the borrowers.
- In case of farming, the uncertainty of rainfall and bad harvest pushes the farmer into debt trap as he/she is unable to repay the loan and is in risk of losing his/her land. In this case, instead of helping farmers prosper, the credit could make the situation worse.
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