Have you heard of Debtor’s Prison?
It was outlawed in 1830’s. It sounds so barbaric to think that you can be jailed over a debt but be careful because even today there are states in the US that can jail you over specific debts. Georgia, Louisiana, Michigan, Ohio, and Washington are states currently locking people up for past debts. Not only that but several states are allowed to levy up to a 40% surcharge on the outstanding debt. Bottom line is do your best not to fall in to a debt scenario that you can’t get out of or you could end up in the brink. Retire Debt Free and never lose your freedom!
If you’d like to learn more go to Yahoo Finance.