D
General
Debt Trap
The spiral. You borrow to pay old debt. New debt to pay new debt. Each month you're deeper. It's hectic and it's how people end up at debt counsellors. The NCA exists partly to stop lenders pushing you into this.
Usage Examples
"Nomsa borrowed from a payday lender to pay her electricity. When that payday loan came due, she was short, so she got another payday loan to cover both. Now she's got two. One month later, three. The trap was set."
"Thandi opened five store accounts to furnish her new place. Each had 21% interest. When the payments got hectic, she borrowed from a mashonisa to cover them. Then the mashonisa loan needed covering. She was gatvol. Debt counselling was her way out."
"Bongani kept taking short-term loans from Wonga and Boodle. Each time a loan was due, he'd take another to cover it and live. Balances never dropped. After 18 months, what was supposed to be a one-off R2,000 had become a permanent R5,000+ debt. That's the trap."