Debt Bondage

“In India and other developing countries, loans range from $14 to $214, and are usually incurred for basic necessities like food, emergency needs, medical treatment, marriage dowry (a long-standing tradition), or funeral expenses. With exorbitant interest rates of up to 60 percent, these loans are difficult, if not impossible, to repay. Individuals thus become trapped within a system of debt bondage that forces them to repay loans by working unconditionally for their entire lives – even passing on the same debt for generations. Human rights groups estimate that 15 to 20 million slaves are represented by bonded labor in India, Pakistan, Bangladesh, and Nepal alone.”

Content cited from The Ricky Martin Foundation.
Advertisements
Tagged , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: