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
I, Pet Goat VI by - Seymour Studios | I, Pet Goat 6
I, Pet Goat VI by - Seymour Studios | I, Pet Goat 6It's time for great JihadI presented the events in the Middle East as an animated short film based on the ...
Official Trailer NOVA '78 directed by Aaron Brookner and Rodrigo Areias
NOVA '78 is a documentary about New York City's 1978 Nova Convention, the legendary counterculture gathering featuring William S. Burroughs, Patti Smith, Fra...
Peter Sellers - The Party (opening scene)
HQ HD "Does that include television sir ?" ... is still the best trolling paradigm in a movie.Support this channel: https://www.patreon.com/MusicPoints#Pet...
"Cheeki kea, I pray that the insanity doesn't deepen and there's been an attack by some 18…"
Disgraced Former CNN Anchor Don Lemon Arrested
No longer an employed journalist, Don Lemon had been seen with far left agitator, Nekima Levy…See More
"Good poem for these times. I think it's only going to get worse though as we enter into the…"
Our Crazy Modern World
I'll be your host tonight in our first episode of "Our Crazy Modern World". Join us now!Apparently…See More
"What a bummer. Can't tell thie 'dead' guy to eat shit now."
© 2026 Created by truth.
Powered by
You need to be a member of 12160 Social Network to add comments!
Join 12160 Social Network