Getting mired in loans? Know what to do when you spot signs of a debt trap

Entering a debt trap will not only mess up your finances, but could have a serious impact on your personal life too

Ashish Jha, a young entrepreneur, is a self-confessed compulsive spender. Worse still, he wouldn't mind taking a loan to fulfill his wants. Having faced a debt quagmire early in life that led him to a step into debt trap, Jha is aware of his shortcomings but finds it hard to curb his desire to live on borrowed money.

“I am driven by desire and am an impulsive spender. Quite often, when I don’t have adequate funds, I use my borrowing options and spend generously, thinking I will find adequate repayment options. However, though I try, I often find it hard