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
The Real Explanation of the Mystery Drones over New Jersey Pt. II
One pilot who studied as a flight engineer before qualifying as a combat pilot spent 11 years…See More
propaganda: DIVIDE & CONQUER (1942) - Warner Bros. vs Hitler
Not to be confused with the much drier Frank Capra film from 1943.A "Broadway Brevity", released August 1, 1942. Vitaphone #1022-1023A.Transferred from 16mm.
Thumbs down - ship gone.
" So this sort of stupidity has occurred before. Norway or NZ - Who did it better? Cast your…"
Prime clown idiot of the year.
" Stay tuned this prime clown might just resign from his own circus as his Finance Minister…"
The Orb & David Gilmour - Metallic Spheres In Colour: Movement 1 - Excerpt (4K Official Music Video)
The 2010 album Metallic Spheres by The Orb and David Gilmour has been reimagined and remixed as Metallic Spheres In Colour. Out now: https://theorbdg.lnk.to/...
The Real Explanation of the Mystery Drones over New Jersey
Keep in mind all of the possible implications around the drones reportedly as big as cars being…See More
Capitol Punishment - The Movie (Updated Trailer)
Order on DVD or Stream it Now: https://givemelibertynow.org/product/capitol-punishment/Told through the eyes of the people who were there on the ground, Capi...
© 2024 Created by truth.
Powered by
You need to be a member of 12160 Social Network to add comments!
Join 12160 Social Network