Welcome to another in our occasional series on the History of Debt Collection.

 

Debt slavery is what the Greek and Roman empires called debt bondage. This practice of debt slavery was a common thing in their society, and wasn’t just debtor inclusive. Those who suffered from financial struggles could choose to enter debt bondage instead of going through any other alternatives they’re faced with being in poverty.
    In the Greco-Roman era, those who were in debt would enter debt bondage as a form of legal punishment. A contract is signed when a debtor joins debt bondage as means to clear their debt; if broken, the contract could carry out a great deal of consequences. If the debtor obeyed by the contract, they would work off their debt by working in physical labor until their debt is repaid.However, this was a viscous cycle as the creditor would demand 90% of the earnings their debtor’s make, making it almost impossible for them to repay their debt and causing them to stay in debt bondage and remain in poverty.

With a nod to debt collection reform, the only city-state known to have abolished debt slavery was  Athens Greece during the Archaic period under the debt reform legislation of Solon.

The profession of Debt Collection has a rich and deep history, being an integral part of the economics of societies going back through the ages.

Marcadis Singer, PA, your modern Florida Debt Collection Attorneys.

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