Occupy Activists Buy, 'Liberate' Bad Debt
The Rolling Jubilee project is seeking donations
By Neal Colgrass, Newser Staff
Posted Nov 10, 2012 2:56 PM CST
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(Newser) – Occupy Wall Street campaigners have a new target: distressed debt. A project called Rolling Jubillee is soliciting donations to buy up bad debts at bargain prices and cancel them, the Telegraph reports. So far they've only bought $14,000 in debt for $500, but they want to refill their coffers and expand nationwide. The debts they cancel include housing, outstanding medical bills, and student loans—but they can't eliminate a specific person's debt, according to their website.

Still, it's "a simple, powerful way to help folks in need—to free them from heavy debt loads so they can focus on being productive, happy and healthy," writes organizer David Rees on his blog. And only $50,000 can free up $1 million in debt, according to a Rolling Jubilee video posted on YouTube. "We bailed out the banks and in return they turned their backs on us," says an activist in the video. "It's time for a bailout of the people, by the people." (See what Occupiers are doing for Superstorm Sandy victims.)

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Showing 3 of 28 comments
ScottyMax
Mar 16, 2013 8:33 PM CDT
I am in possession of a note my best friend owes me for $100,000. He's in the 99%. I will sell the OWSers the note for $500.00. (that's less than a penny on the dollar). Donations to by bad debt, lol!! Distressed debt sells so cheaply because no one believes the borrower is ever gonna pay it back anyway. Who would ever donate money to cancel somebody's defaulted debt obligations?, this just sounds so absurd. These guys are way off base. They need to stop acting like they represent the 99%, cause they don't. They won't raise more than $10,000 dollars for this stupid cause.
right2dave
Nov 11, 2012 12:50 AM CST
My uncle used to be the treasury secretary of Uganda. If you will send me $500 in good faith money I can return you $500,000.
guvner
Nov 10, 2012 8:24 PM CST
Clueless (useful) idiots.