This article has been contributed by Aatish Khanna. Aatish works with the Content Marketing team at Money Club – a digital chit fund platform that makes saving, borrowing, and investing your money more efficient. He writes on topics to help his readers understand processes so they can make better financial decisions. He’s the go-to person that his family, friends, and colleagues turn to for all their money matters. He loves to play board games and aspires to one day build his one finance-related board game and app.
Debt is money that is borrowed and is meant to be repaid. When you’re unable to repay it (for whatever reason), you can end up in a debt trap that’s difficult to escape.
