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Occupy Wall St Protesters Wipe $5m Off America's Debt


Society & Culture  (tags: Occupy, Homes, Lives, family, freedoms, americans )

Barbara
- 2166 days ago - telegraph.co.uk
A group of campaigners linked to the Occupy Wall Street movement has raised enough cash to write-off $5m in "distressed" student loans and outstanding medical bills. GO OCCUPY!



   

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Comments

Barbara W (342)
Saturday November 17, 2012, 10:04 am
"The campaigners founded the Rolling Jubilee project
http://rollingjubilee.org/ to buy-up distressed loans, where repayments are in arrears, for pennies in the pound and then cancel them free of charge to "liberate debtors at random". That debt will include large amounts of student loans and oustanding medical bills owed by people struggling to meet repayments.

Individuals or companies can buy debt from lenders at knock-down prices if it the borrower is in default or behind with payments and are then free to do with it as they see fit, including cancelling it free of charge.

Campaigners estimate that 77pc of American households are in debt and that 62pc of all bankrupcies in the country are caused by large medical bills, which can be virtually impossible to pay for those without insurance. An estimated one in seven people in the US is currently being pursued by a debt collector. " More at link...
 

Arielle S (313)
Saturday November 17, 2012, 10:20 am
Isn't that amazing? How incredible what people can do when they put their mind to it and work together....
 
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