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High interest rates are harmful as the the economy of our country is unstable and most of the people are poor. So in many of the cases they have to take loan from banks and if they are unable to pay it in the given time they get stuck in a debt trap . This vicious cycle of debt many times land them to their suicide.
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High rates on loan interests are harmful  because if the person is not able to pay it on time then loan giver can have problems .
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