5 Scams and Rackets That Can Turn You Into a 21st Century Indentured Servant

[xchrom]

http://www.alternet.org/economy/americas-modern-debtors-prison

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1) Defaults for Profit

A recent report by Fox Business noted that the Carlyle Group, a huge private-equity investment firm, was assessing its entry into the student loan racket. With more than $1 trillion in student debt outstanding, they see an opportunity to make some easy money. Carlyle is looking into acquiring student-loan collection agencies—companies that go after students who have defaulted on their loans.

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2) Probation Purgatory

More than 1,000 courts throughout the country are sentencing hundreds of thousand of Americans charged with misdemeanor offenses to probation, but it is probation with a kicker. According to a revealing study by Human Rights Watch, these misdemeanor offenders now become indentured servants to for-profit corrections companies.

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3) Rent-to-Own Racket

Consumer Reports recently asked a telling question: “Would you pay the equivalent of 311% interest to own a big-screen TV?” It then pointed out “Rent-A-Center and other rent-to-own companies tout hot products with appealing payment plans, but their deals are a costly way to buy appliances, electronics, and furniture.”

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4) Payday Bandits

There are more than 19,000 payday loan outlets in the U.S. According to a 2012 Pew Charitable Trust study, payday loans average $375, have a term of about two weeks, and carry an average fee of about $55. Most borrowers use their loans to cover recurring expenses like utilities. Making matters worse, the average borrower takes five months to pay the loan and spends $520 on finance charges.

[marmar]

1. K/R

[SamKnause]

2. These

are the results of a bought and paid for corrupt government.

Corporations can only do what a government allows them to do.

The U.S. has a two tier justice system.

Those with money can buy justice.

Those without money will get no justice.

"With Liberty and Justice for All", not in the U.S. !!!!

When a government is corrupt, they will allow corporations to write the laws that protect them at the expense of the working poor.

Greed and corruption is eating the very soul of the U.S.

D.C. is a cesspool of corruption and greed.

Our elections are a farce.

Our judicial system is a farce.

Our penal system is a farce.

Who will hold Wall Street thieves and bankers accountable ?

Who will restore the reputation of the U.S. by going after the Bush administration ?

Who will stop the revolving doors in D.C. ?

When will our politicians be held accountable for their traitorous policies ?

[xchrom]

3. +1

[SammyWinstonJack]

4. Obama wasn't interested in doing any of the above and

I wouldn't imagine that Hillary will be.

[SamKnause]

5. Exactly,

Obama was not interested.

Hillary will follow the same game plan.

I refuse to vote for more of the same.

[marble falls]

7. Elizabeth Warren has been working hard on the student loan scam.

[marble falls]

6. May be one of the most critical warnings ever posted here. Thanks.