From the beginning of the history of money, there were people lending money from other people. To state the terminology: When someone lends money that person is called the Debtor. And the person who gives away the money is called the Creditor. The debtor now owes the money he / she borrowed. Now there is a problem here. That is, what happens if the debtor cannot pay back the money to the creditor on time? If we look into the early history, in this kind of situation, in Ancient Greece there was a practice of slavering away the debts. That means, the debtor and his family becomes slaves to the creditor, and do whatever work until the creditor says that his debts are over. And later, in early 1800s’ there was notion called “debtor’s prison”, which means, if you can’t pay back the money, you go to prison that was built specifically for debtors. You can’t come out of prison until your family or friends pay off the money your creditor owns. This might be worse than being a “debt slave”. Because, what if your family or friends can’t or won’t pay your creditor? You might have to be in prison for your entire lifespan. Being a “debt slave”, at least you have the chance to work away your debts.

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