Credit is a key constituent of any economy – it fuels economic activity, enables you to purchase a home without paying the entire cost in advance, gets the kids a highly-valued education. But, if used injudiciously, it can push a person into a debt-trap, quite akin to a death-trap as you lose control of your life and savings!
Fortunately, modern technology enables lenders to check a borrowers’ true financial position and credit worthiness, and apply brakes on fresh loans, if necessary, protecting both borrower and lender. This infographic is a snapshot of the new credit landscape.
How Tech is Changing the Modern Credit Landscape:
Infographic by – Visual Capitalist