Occupy Wall St Says 'Rolling Jubilee' Raises Enough to Abolish $6 Million in Debt

[Sekhmets Daughter]

85. It's not going to cut the national debt (government debt)

Their main focus appears to be on medical debt...

Don't know how a debt collecting agency works? For every $1.00 donated to Rolling Jubilee they are able to buy and retire $20.00 of debt from a collection agency...(this is an average as older debt is even cheaper). Debt collectors buy the debt from a hospital for maybe 50 cents on the dollar...(I think it's actually less than that) If they can't collect it, they will sell it to another debt agency for less than they paid for it. This will cycle through until it's down to literally a few cent on the dollar. What makes the business model so profitable is that most Americans will try to pay off their debt and even when a debt agency offers you a reduced payoff, it is higher than what they paid for the debt to begin with...

Those who have had their debts paid will receive a certified letter letting them know they have been relieved of that debt. It's a great idea.