Debt Peonage
This knowledge is used in careers such as:
Administrator (Runs Programs & Systems) ~$55,000 - $85,000 - Number of jobs: 1,000,000 (90,000 Openings Per Year) +4% Growth
Teacher (Teaches Students) ~$55,000 - $95,000 - Number of jobs: 4,700,000 (324,500 Openings Per Year) +2% Growth
Lawyer (Interprets Laws and Decides What Is Allowed) ~$60,000 - $120,000 - Number of jobs: 860,000 (31,500 Openings Per Year) +4% Growth
Explore These Careers →
Debt Peonage:
During the Gilded Age between 1880-1920, debt peonage trapped many workers, especially sharecroppers, in a cycle of debt by requiring them to work off loans given for supplies and land use. This system was important because it kept many laborers, particularly African Americans and immigrants, economically dependent and unable to improve their living conditions. Debt peonage responded to the need for cheap labor after slavery was abolished but perpetuated economic inequality and exploitation. Today, similar cycles can be seen with predatory lending practices, such as payday loans, which charge high interest and trap borrowers in cycles of debt. For example, if someone takes out a payday loan to cover an emergency expense but can't pay it back quickly, they may end up paying much more in interest, mirroring the struggles faced by those in debt peonage.
Practice Version
Debt Peonage: The pledge of a person's services as security for a debt or other obligation. Debt peonage. Debt peonage is a system where workers are forced to work to pay off a debt and often find it impossible to ever repay fully.