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However, a fraction of this debt is actually collected. For example, in 2014, the US Federal Government was owed over $100 billion of criminal debt, and during that year, federal judges imposed almost $14 billion in new CJFOs, but the government only collects about $4 billion per year. [1]
Blood money is, colloquially, the reward for bringing a criminal to justice. A common meaning in other contexts is the money-penalty paid by a murderer to the kinsfolk of the victim. These fines completely protect the offender, or the kinsfolk thereof, from the vengeance of the injured family.
Imprisons debtors as a penalty for failure to pay criminal justice debt. Allows imprisonment of debtors for child support debt, applies 12% interest; A city government in Alabama that imprisoned debtors for fees resulting from the use of a private probation company was halted by Circuit Court Order as being a modern debtors' prison. (2012) [8] [61]
Extortion is sometimes called the "protection racket" because the racketeers often phrase their demands as payment for "protection" from (real or hypothetical) threats from unspecified other parties; though often, and almost always, such "protection" is simply abstinence of harm from the same party, and such is implied in the "protection" offer.
Key drawbacks: It may take longer to become debt-free, and you could pay more in interest than with other methods. Better for: People who struggle to stay motivated about paying off debt.
Let’s say you take on $5,000 in credit card debt with an 18 percent APR and a minimum payment of 1% of the balance plus interest – a starting payment of $125.
A loan shark is a person who offers loans at extremely high or illegal interest rates, has strict terms of collection, and generally operates outside the law, often using the threat of violence or other illegal, aggressive, and extortionate actions when seeking to enforce the satisfaction of the debt. [1]
For those struggling with debt, debt relief options can help make monthly payments more manageable and quicken the road to financial stability. This, in turn, can lead to a healthier state of mind ...