Occupy Wall St protesters wipe $5m off America's debt
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
The campaigners founded the Rolling Jubilee project 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.
As a test run the group spent $500 on distressed debt, buying $14,000 worth of outstanding loans and pardoning the debtors. They also consulted lawyers on the legality of doing this on a large scale.
Yesterday they launched a fundraising campaign with a variety show and telethon in New York and have already raised $269,913 (£170,206) - enough to buy over $5m worth of debt and write it off.
Comment
"Destroying the New World Order"
THANK YOU FOR SUPPORTING THE SITE!
Latest Activity
- Top News
- Everything
"Les prone, Thanks Buddy! "
"Less Prone as usual the official version of the truth does not match the evidence and is labeled…"
"Charlie Kirk was getting very critical against Israel and had turned down a lucrative deal from the…"
The Army of Government Launched Psychopaths
They walk among us in most college towns. They seem relatively reasonable until political…See More
"Have to sign in to YT for this. So. What I do is to go to https://ytdown.io/en/ and download…"
"cheeki kea, you are spot on. The old guard is about to collapse! "
"cheeki kea, the Japanese thought they could expand their empire and exact enough damage on the US…"
NEW DOCUMENTARY - Dissent Into Madness
TRANSCRIPT AND SOURCES: https://www.corbettreport.com/dissent-into-madness/What if the delusions of the dissidents are in fact real? What if their paranoid f...
"Japan served themselves up no favours by inching out into the South Pacific as they soon found out.…"
"Their plans did not work out because we are the news now, and the old news is the enemy. "
Alligator Creek and a Japanese Massacre
The year is 1942 just a few months after the Pearl Harbor disaster. Despite losses suffered by the…See More
CHARLIE KIRK WAS CNP! JOSH REEVES 9-11-25
"With all due respect this guy comes off as a drunken asshole and he didn't even know who…"
Was a Planned Civil War Averted?
We are living in sadly historic times where good and evil are in battle all the time. Not that this…See More
© 2025 Created by truth.
Powered by
You need to be a member of 12160 Social Network to add comments!
Join 12160 Social Network