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Check Out How Occupy Eliminated 15 Million Dollars Of Personal Debt For Americans
The Occupy movement has slipped from the mainstream American consciousness. Parks are no longer being occupied, large-scale protests on Wall Street have subsided and the loud chants of “We are the 99 percent” have slowly dwindled away. However, this hasn’t stopped Occupy from remaining committed to their message of fighting injustice and their commitment to helping everyday Americans like you and me. Occupy Wall Street created a group called the Strike Debt group. This group’s goal is to help eliminate as much debt as humanly possible. As part of the Rolling Jubilee project Strike Debt has successfully eliminated almost 15 million dollars’ worth of personal American debt. Most of the balances eliminated has been medical debt.
Strike debt is able to purchase debt for pennies on the dollar through the “secondary debt market.” When lenders aren’t able to collect their debts, over time they cut their losses and sell the debt to third parties at a fraction of the sum unpaid value. Debt collectors will purchase the debt, at extremely low prices, and harass individual debtors to make a profit. These companies usually try to scare individuals into paying the debt back at full price, unknowing that the company purchased their debt for a fraction of the value. This is what you can consider a legal scam.
Most of the debt “abolished” by the Strike Debt campaign was in medical bills. Obviously, 15 million dollars is a drop in the bucket when it comes to the secondary debt market. Nevertheless, it is great to see true grassroots organizations helping Americans in a substantial way. Individuals who were helped by Strike Debt received letters like this, explaining that they are no longer responsible for their medical debt!
reply to post by FortAnthem
Very cool idea but it seems it creates it own failure as it adds to the demand (and so rises the value) of the debt that is for sale. I think that the effect can be reduced but it depends on how they select and purchase the debt they buy.