Remember Rolling Jubilee? It was a project started by Occupy Wall Street to buy up outstanding debt just to forgive it. Back when the project was first started organizers were able to buy up $14,000 of debt for $500. Approximately one year later the organization has successfully purchased and forgiven $15 million of debt:
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.
Kudos to Occupy’s Strike Debt group are certainly in order. Freeing people from $15 million of debt for a mere $400,00 is impressive. I hope this project continues on and meets with even greater success.