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Bankruptcy, Debt Consolidation, and Debt Settlement – Don’t fall prey to scammers – Part 2
This post is the second in a series on debt, bankruptcy, debt consolidation, and more. If you haven’t read part 1 yet, I recommend you do before continuing.
History of debt (continued)
It was common for those who ran the debtor’s prisons to charge their prisoners for room and board, adding to the debt they were attempting to work off. This effectively created a self-perpetuating debt cycle, trapping those that fell into it in indentured servitude – what we would call slavery. These kinds of policies were one reason why the early American colonists wanted to flee England.
Although de jure debtor’s prisons, that is, those that are sanctioned by law, are a thing of the past, there are still instances of de facto debtor’s prisons – those that are, in fact, debtor’s prisons, despite the fact that they have no legal sanction. We tend to see this most commonly in the imprisonment of those unable to pay court costs or tickets.
Check back soon for Bankruptcy, Debt Consolidation, and Debt Settlement – Don’t fall prey to scammers! Part 3. In the meantime, check out our page on avoiding debt consolidation scams.