Which term is used to describe the situation where the people are trapped in poverty due to lack of access to credit and other resources? 

The term used to describe the situation where people are trapped in poverty due to lack of access to credit and other resources is called the "poverty trap."

A poverty trap is a self-reinforcing mechanism that causes poverty to persist, making it difficult for people to escape poverty without external intervention. Lack of access to credit, education, healthcare, and other essential resources can prevent individuals and communities from improving their economic situation, leading to a cycle of poverty that is hard to break.