What is the meaning of the phrase “skating on thin ice”?

The phrase “skating on thin ice” is used to refer to a situation which is very risky. This is of course because thin ice is very dangerous and can break any time. So, if someone is “skating on thin ice” they are in a very risky situation in which they have something to lose.

Example of “skating on thin ice” in a sentence

"The businessman was skating on thin ice by taking
out huge loans from several banks."

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