Debtors’ Prison Is Back — and Just as Cruel as Ever
Filed under: Credit, Personal Finance, Debt
To most of us, “debtors’ prison” sounds like an archaic institution, something straight out of a Dickens novel. But the idea of jailing people who can’t pay what they owe is alive and well in 21st-century America.
According to a report in The Wall Street Journal, debt collectors in Missouri, Illinois, Alabama and other states are using a legal loophole to justify jailing poor citizens who legitimately cannot pay their debts.
Here’s how clever payday lenders work the system in Missouri –…
Debtors’ Prison Is Back — and Just as Cruel as Ever originally appeared on DailyFinance.com on 2012-08-30T12:25:00Z.
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