Read

Search form

OWS Buys Up Debt — To Abolish it

OWS Buys Up Debt — To Abolish it
Tue, 11/13/2012 - by Matthew Sparkes
This article originally appeared on The Telegraph

The Rolling Jubilee project is seeking donations to help it buy up distressed debts, including student loans and outstanding medical bills, and then wipe the slate clean by writing them off.

Individuals or companies can buy distressed debt from lenders at knock-down prices if it the borrower is in default or behind with payments and are then free to do with it as they see fit, including cancelling it free of charge.

As a test run the group spent $500 on distressed debt, buying $14,000 worth of outstanding loans and pardoning the debtors. They have now raised $115,000, which they say is enough money to buy and cancel more than $2.3 million of debt. After a variety show and telethon this Thursday, both sums will surely rise substantially.

David Rees, one of the organizers behind the project, writes on his blog: "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.

"Now, after many consultations with attorneys, the IRS, and our moles in the debt-brokerage world, we are ready to take the Rolling Jubilee program live and nationwide, buying debt in communities that have been struggling during the recession."

A video released to promote the project says: "We shouldn't be forced into debt to cover basic needs like healthcare, housing and education. We need a jubilee, a clean slate. The math is on our side; a little bit of money goes a long way. If we can raise $50,000 we can buy a million dollars worth of debt and abolish it.

"We bailed-out the banks and in return they turned their backs on us. We don't owe them anything, we owe each other everything. It's time for a bail-out of the people, by the people."

Read more: The Deliciousness of the Rolling Jubilee, Occupy Gets Into the Debt Market.

Add new comment

Sign Up

Article Tabs

map

More than 20 places around DC are opening up their doors to people attending the Women’s March

Inauguration Day

Some of the Inauguration Day Protests photos sent to us by our friends on the streets of DC.

The 142-mile-long Trans-Pecos Pipeline would bring fracked gas to the small border city of Presidio, where it would continue on into northern Mexico – in the process crossing under the Rio Grande, threatening fragile water supplies.

money in politics, corporate political class, Michael Gecan, community organizing, parallel political structures, Death of the Liberal Class, Industrial Areas Foundation, Donald Trump, Saul Alinsky, Ralph Nader, mass movements, popular movements

"People who understand power tend to have the patience to build a base, do the training, raise the money, so when they go into action they surprise people,” says community organizer Michael Gecan of the Industrial Areas Foundation.

Obamacare, Affordable Care Act, Obamacare repeal, repeal and replace, Congressional Budget Office, Paul Ryan, Donald Trump

The Congressional Budget Office also estimated that premiums for policies purchased through the marketplaces or directly from insurers would increase by 20 to 25 percent next year if Obamacare is repealed without a replacement.

creative activism, Act Out, Donald Trump, Trump Inauguration, Inauguration 2017, #DisruptJ20, Women’s March, J20, anti-Trump protests, non-violent direct action, Samantha Castro, WACA, dissent, protest, political left, hierarchy, NGO, community organizing

As stages are set for the upcoming inauguration, activists across the country prepare to strike, block, march and disrupt. We’ll outline what's happening in D.C. and where you are.

Posted 2 days 20 hours ago
Trump resistance, Indivisible Guide

The incoming administration has fueled a new level of political activism.

Posted 4 days 6 hours ago
London tube strikes, anti-labor laws, anti-strike laws, London Underground, National Union of Rail, Maritime and Transport Workers, RMT

Strikers are protesting job losses that have led to a shortage of station staff, which they say is endangering passenger safety and reducing the level of customer service.

Posted 4 days 6 hours ago

The 142-mile-long Trans-Pecos Pipeline would bring fracked gas to the small border city of Presidio, where it would continue on into northern Mexico – in the process crossing under the Rio Grande, threatening fragile water supplies.

Posted 2 days 7 hours ago
Betsy DeVos, public eduction, Chicago Public Schools, privatized education, charter schools, Donald Trump, voucher programs, Charter School Program, dismantling public schools, national voucher program, Wisconsin Education Association Council, Wisconsin t

The president-elect has already pledged $20 billion to expand voucher programs nationwide, and his appointee for Education Secretary, Betsy DeVos, views dismantling public education as a mission from God.

Posted 2 days 20 hours ago

The 142-mile-long Trans-Pecos Pipeline would bring fracked gas to the small border city of Presidio, where it would continue on into northern Mexico – in the process crossing under the Rio Grande, threatening fragile water supplies.

1 percent, Ralph Nader,

In his latest book, the critic and activist proposes the creation and activation of a new 1 percent — one that will expose “conditions of deprivation and abuse” and champion “basic fair play.”

Betsy DeVos, public eduction, Chicago Public Schools, privatized education, charter schools, Donald Trump, voucher programs, Charter School Program, dismantling public schools, national voucher program, Wisconsin Education Association Council, Wisconsin t

The president-elect has already pledged $20 billion to expand voucher programs nationwide, and his appointee for Education Secretary, Betsy DeVos, views dismantling public education as a mission from God.

creative activism, Act Out, Donald Trump, Trump Inauguration, Inauguration 2017, #DisruptJ20, Women’s March, J20, anti-Trump protests, non-violent direct action, Samantha Castro, WACA, dissent, protest, political left, hierarchy, NGO, community organizing

As stages are set for the upcoming inauguration, activists across the country prepare to strike, block, march and disrupt. We’ll outline what's happening in D.C. and where you are.

London tube strikes, anti-labor laws, anti-strike laws, London Underground, National Union of Rail, Maritime and Transport Workers, RMT

Strikers are protesting job losses that have led to a shortage of station staff, which they say is endangering passenger safety and reducing the level of customer service.