Occupy Wall Street activists buy $15m of Americans’ personal debt

by Rachel Baker on November 13, 2013

This is a must read story if for no other reason than finding out that the debt collectors that keep calling actually purchased your debt for way cheaper than what you owe…and suddenly, you can be the dominant one in that conversation.

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.”

http://www.theguardian.com/world/2013/nov/12/occupy-wall-street-activists-15m-personal-debt

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