Blog Entries
Occupy Wall Street Activists Buy $15m of Americans’ Personal Debt – and ‘Forgive’ It Tags: Debt Aboliton Occupy Wall Street Personal Debt Pruchasing

Occupy Wall Street’Our primary purpose was to spread information about the workings of this secondary debt market,’ said Andrew Ross. Photograph: Spencer Platt/Getty Images

By Adam Gabbatt in New York, The Guardian -November 12, 2013

http://tinyurl.com/pwzxjdp

A group of Occupy Wall Street activists has bought almost $15m of Americans’ personal debt over the last year as part of the Rolling Jubilee project to help people pay off their outstanding credit.

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.”

The group is able to buy debt so cheaply due to the nature of the “secondary debt market”. If individuals consistently fail to pay bills from credit cards, loans, or medical insurance the bank or lender that issued the funds will eventually cut its losses by selling that debt to a third party. These sales occur for a fraction of the debt’s true values – typically for five cents on the dollar – and debt-buying companies then attempt to recoup the debt from the individual debtor and thus make a profit.

The Rolling Jubilee project was mostly conceived as a “public education project”, Ross said.

“We’re under no illusions that $15m is just a tiny drop in the secondary debt market. It doesn’t make a dent in the amount of debt.

“Our purpose in doing this, aside from helping some people along the way – there’s certainly many, many people who are very thankful that their debts are abolished – our primary purpose was to spread information about the workings of this secondary debt market.”

The group has focussed on buying medical debt, and has acquired the $14.7m in three separate purchases, most recently spending $13.5m on medical debt owed by 2,693 people across 45 states and Puerto Rico, Rolling Jubilee said in a press release.

“No one should have to go into debt or bankruptcy because they get sick,” said Laura Hanna, an organiser with the group. Hanna said 62% of all personal bankruptcies have medical debt as a contributing factor.

Due to the nature of the debt market, the group is unable to specify whose debt it purchases, taking on the amounts before it discovers individuals’ identities. When Rolling Jubilee has bought the debt they send notes to their debtors “telling them they’re off the hook”, Ross said.

Ross, whose book, Creditocracy and the case for debt refusal, outlines the problems of the debt industry and calls for a “debtors’ movement” to resist credit, said the group had received letters from people whose debt they had lifted thanking them for the service. But the real victory was in spreading knowledge of the nature of the debt industry, he said.

“Very few people know how cheaply their debts have been bought by collectors. It changes the psychology of the debtor, knowing this.

“So when you get called up by the debt collector, and you’re being asked to pay the full amount of your debt, you now know that the debt collector has bought your debt very, very cheaply. As cheaply as we bought it. And that gives you moral ammunition to have a different conversation with the debt collector.”

 

RSS
Recent Blog Comments
"'Denken wir uns jedes von uns lebende Geschoepfe als eine Drahtpuppe in..."
In: Song for Today: Xavier Naidoo (Söhne Mannheims) - Marionetten (Puppets)
by: Parsifalrain
"A very good conversation! Thank you Sineh"
In: Fasting and a Fruitarian Diet Cured Jeff's Depression & Can Cure Almost Anything with Patricia Lager
by: Catya
"Aloha Parsifal Thanks for the comment and the link to your prior..."
In: Was this in the very ancient past a gigantic tree?
by: SiNeh
"related in BOLE Was this in the very ancient..."
In: There are no forests ... !
by: Parsifalrain
"it would appear this to be a remnant of a stock of a..."
In: Was this in the very ancient past a gigantic tree?
by: Parsifalrain
"sein gestriges Statement auf fb: Guten Morgen, nach dem Treffen mit..."
In: Song for Today: Xavier Naidoo (Söhne Mannheims) - Marionetten (Puppets)
by: explainMe
"Aloha John Very well explained and additional information for those wo do..."
In: Sun of gOd: The Sun is Not What You've Been Told with Gregory Sams
by: SiNeh
"Our Sun is part of a conscious hierarchy. It imparts the male half..."
In: Sun of gOd: The Sun is Not What You've Been Told with Gregory Sams
by: John
"Yea, and THEY even find enough drivers that even WANT to drive those..."
In: Obsolete — Full Documentary Official (2016)
by: SiNeh
"The "elite" (mostly descendants of a particular alien group that has prevailed on..."
In: Obsolete — Full Documentary Official (2016)
by: John
"Spot on !"
In: 10 countries that threaten world peace more than North Korea
by: John
"some background on the boycott on Xavier Naidoo and a call to resistance:..."
In: Song for Today: Xavier Naidoo (Söhne Mannheims) - Marionetten (Puppets)
by: Parsifalrain
"Xavier Naidoo - Allein Mit Flügel - Live aus dem Mannheimer Schloss //..."
In: Song for Today: Xavier Naidoo (Söhne Mannheims) - Marionetten (Puppets)
by: Parsifalrain
"Well, that was faster than I expected. There only remains for me to..."
In: President of Austria: "The day will come when we will have to ask ALL women to wear a headscarf!"
by: Parsifalrain
"We take Stevie Wonder: He made with his song ' Signed, Sealed and..."
In: Song for Today: Xavier Naidoo (Söhne Mannheims) - Marionetten (Puppets)
by: Parsifalrain
"If they try to marginalize Naidoo, then this clearly shows that they are..."
In: Song for Today: Xavier Naidoo (Söhne Mannheims) - Marionetten (Puppets)
by: Parsifalrain
"Aloha Parsifal Thank you so much for posting this. I also copied..."
In: Song for Today: Xavier Naidoo (Söhne Mannheims) - Marionetten (Puppets)
by: SiNeh
"Very sad but not surprised...But divine karma will show up one day..."
In: CORRUPTION: France Clears Albanian War Criminal Haradinaj of All Charges
by: John
"When I despair I remember that in the history of mankind..."
In: Happy Easter 2017
by: Parsifalrain
Blog Categories
Search Archive

May 2017 (157)
April 2017 (151)
March 2017 (128)
February 2017 (123)
January 2017 (136)
December 2016 (200)
November 2016 (290)
October 2016 (194)
September 2016 (217)
August 2016 (239)
July 2016 (287)
June 2016 (305)
May 2016 (75)

WHO IS ONLINE
Donation / Support

We take BITCOIN too

3GgibGqh4Rr5i6WmGKeQqdisENLJNKeJH4

The B.O.L.E. is completely funded by community, managed and maintained by volunteers. Please consider making a contribution so more stories of awakening and alternative views can be shared!

THANK YOU

Focusing On Real Values

A great way to a new standard.

Gold in small units, also one gram at time

Products for your Wellness and Leisure

Important: For all products chose at the top of the page the  language (English or German) and currency!

 click HERE to reach all products

TATWellness deliver worldwide.

In Your Service

B.O.L.E.

SiNeh~

Live Support