Do you have a history of borrowing money from NBFCs and banks? If so, this helpful article will assist you in repaying your loan on time and preventing complications associated with loan default. Allow me to paint for you a picture of how to keep yourself away from defaulting on your loans. Debt traps, also known as loan defaults, are a highly prevalent occurrence in the modern world. Many people on the shore were having trouble managing their finances as COVID 19 had a negative impact. It was clear how significant a loan had become because it played a significant role in everyone’s life.