Why do people find it hard repaying debts??

[Lily]

People often struggle with debt repayment due to several reasons. First, high-interest rates can quickly accumulate, making it challenging to meet monthly payments. Second, unexpected financial emergencies, such as medical bills or car repairs, divert funds from debt repayment. Third, low income or unemployment reduces the capacity to settle debts. Fourth, poor financial literacy may lead to inadequate budgeting and prioritization. Combined, these factors create a cycle of financial strain, making it difficult for individuals to effectively manage and repay their debts, perpetuating a challenging financial situation