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OWS is going to start buying distressed debt (medical bills, student loans, etc.) in order to forgive it. As a test run, we spent $500, which bought $14,000 of distressed debt. We then ERASED THAT DEBT. (If you’re a debt broker, once you own someone’s debt you can do whatever you want with it — traditionally, you hound debtors to their grave trying to collect. We’re playing a different game. A MORE AWESOME GAME.)
This is 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.
Sounds like a load of BS to me. If they cannot target specific individuals and their debt, how do you prove anything was actually done? I smell a scam.
We cannot buy specific individuals’ debt – instead, we help liberate debtors at random through a campaign of mutual support, good will, and collective refusal.
It's really poetic justice that Occupy take the place of the black hearted collectors, as they seem to be in many cases these days. I doubt this lasts for long if they attempt a long term thing. The system will figure a way to short circuit this because it's not how 'they' meant for debt to work. It'll deeply "offend" the sensibilities of some blue blood old bureaucrats and they'll scream for a new law or regulation over this, II'll just bet