Occupy Debt

It might be early days, but this seems like a brilliant idea from Occupy Wall Street, “Rolling Jubilee”

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. As you can see from our test run, the return on investment approaches 30:1. That’s a crazy bargain!

I was a fan of Occupy to begin with, but it seems they lost their way, but I’ve always loved the movement and this is such a good idea. I’d love to see Occupy Dame Street do something similar in Ireland (and not protesting family homes…).

via Kottke