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A fresh concept on dealing with debt ...
The Rolling Jubilee, a work in progress by the Occupy Wall Street folks.
That's a nice change from marching around, bitching about how things are. It's a stepping up and literally putting your money (and not the taxpayer's) where your mouth is.
[The Rolling Jubilee, operated by OWS] is going to start buying distressed debt (medical bills, student loans, etc.) in order to forgive it. As a test run, we spent $500, which bought $14,000 of distressed debt. We then ERASED THAT DEBT. (If you’re a debt broker, once you own someone’s debt you can do whatever you want with it — traditionally, you hound debtors to their grave trying to collect. We’re playing a different game. A MORE AWESOME GAME.)
This is a simple, powerful way to help folks in need — to free them from heavy debt loads so they can focus on being productive, happy and healthy. As you can see from our test run, the return on investment approaches 30:1. That’s a crazy bargain!
Now, after many consultations with attorneys, the IRS, and our moles in the debt-brokerage world, we are ready to take the Rolling Jubilee program LIVE and NATIONWIDE, buying debt in communities that have been struggling during the recession.
That's a nice change from marching around, bitching about how things are. It's a stepping up and literally putting your money (and not the taxpayer's) where your mouth is.