Debtors’ Prison Makes Triumphant Return - Thanks to Pay-Day Lenders
Remember the good ole' days when falling onto hard times and not being able to pay your debts landed you in prison? Well if the pay-day lenders have their way, you too may be able to dust off your petticoat, bonnet, and elbow-length gloves for a fashionable return to debtors' prison, says Ross Kenneth Urken in a recent article published online at Daily Finance.
According to a report (cited in the article) from the Wall Street Journal, debt collectors are working around state constitutions to jail debtors in Missouri, Alabama, Illinois, Florida, Oklahoma, and as many as one-third of all U.S. states are now allowing borrowers who cannot or will not pay their bills to be jailed. The end result - cash-strapped and underfunded police departments and courts become enforcers for pay-day lenders, health care companies, and private lenders to squeeze poor people for every dollar they can. Read on.
To avoid debtors' prison and dressing like "Little Bo Peep," be sure to visit our free tools and resources to help you get a grip on your student debt.
