Spotlight - Making A Difference - Strike Debt/Rolling Jubilee

Saturday, December 29, 2012

It’s no secret that the US population is swimming in debt. The most onerous debt, medical bills and student loans, is increasing at lightning pace. Student loan debt has topped 1 trillion dollars. Sixty two percent of bankruptcies are due to medical debt. Sadly, student loans can not be discharged by bankruptcy.

Debt that can no longer be collected by the institutions for length or lack of resources is usually sold on the open debt market, to bill collecting agencies who buy them up for pennies on the dollar. What if a collective could buy up some this debt and just wipe it out?

Strike Debt, an offshoot of Occupy Wall Street had this great idea and has been buying up and relieving debt through an organization called Rolling Jubilee. To date they have raised $522,646.00 which is enough to abolish $10,457,654 of debt. In a perfect world, it would be nice if we could settle our accounts for pennies on the dollar instead of it being sold on the open debt market, but this great idea might be a step in that direction.

You can contribute to Rolling Jubilee here.
Some good articles from The Village Voice & The New York Times.

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