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
After Querying GROK over the 1952 Washington National Sightings
The Washington National Sightings (also called the 1952 Washington, D.C. UFO incident, the…See More
I Tried AI for Fun. Now I’ve Got Questions | Jeff Childers From #474 | The Way I Heard It
What does inevitability sound like?That’s not a thruway line—it’s the question I keep coming back to after this conversation with Jeff Childers. Because some...
"Cheeki, Thanks so much for the encouragement! "
"https://youtube.com/shorts/yVPJYCZtN4U?si=hY_1sQ6V9HCXo2V8
I guess follow the link..."
The Geography of Iran Explained.
Hey Everyone,This is my attempt to humanize the people and country of Iran. I hope I can educate people on the geography of this country outside of what we ...
"An awesome poem for the day. It is actually World Poetry Day a special day granted by UNESCO to…"
"cheek kea thanks you so much. Yes, I agree, but there was so much espionage, mistrust, and military…"
"Yes I believe there's a Cure or Remedy for everything. As netizens across the world start to…"
A Cure for Cancer?
How many of you have agonized over seeing little kids at St. Jude’s Hospital with brain cancer,…See More
Розумний дім: як технології роблять життя комфортнішим
Що таке розумний дімРозумний дім — це система сучасних технологій, яка дозволяє автоматизувати…See More
What the fuck?
"When will the perverts picked out of the government and positions of power for thorough…"
© 2026 Created by truth.
Powered by
You need to be a member of 12160 Social Network to add comments!
Join 12160 Social Network