NEWER POST

What's for Lunch?

OLDER POST

RPCS Teacher Wins First Round on Jeopardy!

Featured, Money & Power

Now Here’s an Idea: Occupy Wall Street Offshoot Wants to Buy Up Consumer Debt

1 Written by: | Tuesday, Nov 13, 2012 9:55am

Occupy Wall Street activists have hit upon a novel way to provide people with debt relief: buy it up and cancel it. The initiative, a project of the non-profit Strike Debt called Rolling Jubilee, buys distressed debt from banks for pennies on the dollar, and then, instead of trying to collect on it, abolishes it.

The initial funding goal of $50,000 — which the Rolling Jubilee would use to cancel $1 million of debt — has already been met twice over. (Visit the website to watch the donations, and debt eliminations, climb.)

To answer your question: No, you can not apply to have your debt specifically targeted. Debt is bought at random in bundles. And if your debt isn’t yet “distressed” then it’s not likely to be on the list.

How much of a dent could this effort really make in the collective debt of the American people? Maybe only a small one. Americans are something like $2.7 trillion in debt, and a trillion is a million millions.

But it’s certainly an inspiring way to offer direct relief to people who are struggling, and perhaps it will get the issue of personal debt back in the news.

You can donate to the Rolling Jubilee here. Check the website on Thursday for a live stream of their launch party, featuring Jeff Mangum (of Neutral Milk Hotel) and Janeane Garofalo among others.

Leave a Reply

  • Occupy Wall Street Offshoot Wants to Buy Up Consumer Debt and Cancel It « Later On

    […] out to me by The Eldest—and it sounds like a very good idea, as well. Robert O’Brien writes in The Baltimore Fishbowl: Occupy Wall Street activists have hit upon a novel way to provide people […]



NEWER POST

What's for Lunch?

OLDER POST

RPCS Teacher Wins First Round on Jeopardy!

Most Comments This Week

6

Dreams of Drowning

Written by Ann Schlott Hillers

Wednesday, Feb 25, 2015 1:31pm

3

Why Hogan Is Wrong About the 'Rain Tax'

Written by Laurel Peltier

Friday, Feb 27, 2015 9:40am

1

Light Up Lexington

Written by D. Sellinger

Monday, Feb 23, 2015 10:39am

Recent Comments

Mike
Why Hogan Is Wrong About the ‘Rain Tax’

"This fee is an excellent idea. We desperately need to slow down, if not reverse, the...

Mike
Next stop for Oil Bomb Trains: Baltimore?

"Don't Carbonize Baltimore! Many details on just how out-of-control and dangerous this...

Laurel Peltier
Why Hogan Is Wrong About the ‘Rain Tax’

"Excellent advice. Execution can be dicey, and it shouldn't be. Glad you got help, but...

Theruse
Why Hogan Is Wrong About the ‘Rain Tax’

"What proponents don't know about the "rain tax' is how there are gross errors in how the...

Jon
Next stop for Oil Bomb Trains: Baltimore?

"Keep crude oil out of Baltimore! We don't need another accident here. I'd rather see...