Beware! Watch out! That interest rate is a debt trap. There’s no better way to state it than to act the part of a watchman on the tower who should—in the loudest voice—alert the city to impending danger and doom!   READ ALSO: Is Your Cooperative Society a Ponzi Scheme? But why the interest rate, you may ask? Why should an interest rate be the cause of a debt trap? Discover amazing deals at Temu! Unlock unbeatable savings anytime, anywhere. Don't wait - act now and save big!  Perhaps you have taken a loan before, or you are planning or considering taking one. This time, I’m not referring to loans from regular banks that we are all familiar with, but rather from various non-bank loan merchants or retailers operating outside the banking system.     Of course, there are many loan retailers around town (in Nigeria) now who are willing to lend you money without the stringent conditions commercial banks are known for. Similarly, there are loan apps that a...