Wiktionary
n. A condition similar to slavery where human beings are unable to control their lives or their work due to unpaid debts.
Wikipedia
Debt bondage (also known as debt slavery or bonded labor) is a person's pledge of their labor or services as security for the repayment for a debt or other obligation. The services required to repay the debt may be undefined, and the services' duration may be undefined. Debt bondage can be passed on from generation to generation.
Debt bondage has been described by the United Nations as a form of " modern day slavery" and the Supplementary Convention on the Abolition of Slavery seeks to abolish the practice. Most countries are parties to the Convention, but the practice is still prevalent in South Asia. Debt bondage in India was legally abolished in 1976 but remains prevalent.
Debt bondage was very common in Ancient Greece. In ancient Athens, Solon forbade taking out loans using oneself as a security and ended such debts.
Usage examples of "debt bondage".
It was cheaper to finance farmers into debt bondage and keep them working than to put them all out of work and onto welfare-which was a dirty word never spoken on Nevermind.
Once debt bondage can be passed from generation to generation there is no escape short of rebellion or death.