Occupy Wall Street activists buy $15m of Americans' personal debt

[Redfairen]

Source: The Guardian

Rolling Jubilee, set up by Occupy's Strike Debt group following the street protests that swept the world in 2011, launched on 15 November 2012. The group purchases personal debt cheaply from banks before "abolishing" it, freeing individuals from their bills.

By purchasing the debt at knockdown prices the group has managed to free $14,734,569.87 of personal debt, mainly medical debt, spending only $400,000.

"We thought that the ratio would be about 20 to 1," said Andrew Ross, a member of Strike Debt and professor of social and cultural analysis at New York University. He said the team initially envisaged raising $50,000, which would have enabled it to buy $1m in debt.

"In fact we've been able to buy debt a lot more cheaply than that."


Read more: http://www.theguardian.com/world/2013/nov/12/occupy-wall-street-activists-15m-personal-debtLink to source

[silvershadow]

1. I love this. (Oh, and I wish they would find my debt). nt

[JAbuchan08]

12. Seconded

:/

[Dopers_Greed]

2. K&R

Not bad for a bunch of lazy jobless hippie bums who have no message.

[mbperrin]

6. Absolutely terrific!

HIGHLY creative!

And you're right, especially for a bunch of drifters who have nothing.

[stuffmatters]

3. Wonderful! If they started a OWS bank, I'd sure use it!!

What a win win that's be for depositors...get out of peril under WS squid tentacles ( I think they can even raid credit unions when their quadrillions in derrivatives collapse) and also see the bank use the profits for public good.

[sweetapogee]

13. put your money

right here... http://www.occupycooperative.com/the_occupy_card

your welcome

[DireStrike]

4. Link is broken, fix:

You included the word "link" at the end of the link.

[Kelvin Mace]

5. This is the best thing to come out of the Occupy Movement

[ailsagirl]

7. KICK

[benld74]

8. Fantastic! Talk about your modern day Robin Hoods!!!!

[raging moderate]

9. Impressive!

Truly.

[TBF]

10. I wish they'd buy my student loans -

in fact I should declare myself a debt collector, buy them for pennies on the dollar, and pay them off. I wonder if that is possible ...

[quakerboy]

15. Nope

Their page adresses it specifically, saying there is no secondary market for student loan. Given the way student loans are guaranteed, and the way you cant even get out from under them in a bankruptcy, the lenders have no incentive to sell them at a lower price. If they just wait, they will eventually get that money, even if it has to come from your social security when you get there.

[1000words]

11. Not bad for a bunch of "entitled hipsters with no leaders or discernible message."

Yah ... that's sarcasm.

[Enthusiast]

16. K&R! Yay, Occupy! nt