Occupy Wall Street Activists Pay Off $15mil of Americans' Personal Debt

[Vitalux]

Now isn't this a great idea!


Perhaps this is an idea that we all need to think about ....and perhaps form committees to try and solve debt issues cheep!

Thought I would share here




In one year, a group of Occupy Wall Street activists has managed to buy almost $15 million of Americans' personal debt to help them pay off their outstanding credit.

Under the name, Rolling Jubilee, and launched one year ago today, the Occupy activists purchase anonymous debt cheaply from banks and then "abolish" it, freeing individuals from their bills.

By purchasing the debt on the "secondary debt market" at bargain basement prices, the group has managed to erase more than $14.7 million of personal debt -- mainly medical bills -- by spending only $400,000 raised through donations.

Basically, the secondary debt market is a way for banks and lenders to cut their losses after customers have proven themselves unable to pay by getting five cents on a dollar.

(READ the full story from The Guardian)

[Carmody]

Which tells you that the game the banks play is more than a bit of a lie...and that having what is known as a 'bank holiday' is not all that bad, or not an unrealistic idea.

[gripreaper]

Source: https://youtube.com/watch?v=iFDe5kUUyT0

[Lifebringer]

Keep your cash in an old shoe under the bed, and they don't have money to lend out. Use it only when you need it. The interest is not worth the funny money schemes bankers do. It's your income, you keep track of it.

Just like the food in your mouth, don't trust others to feed you, well don't trust others to keep your money earned. It's already been taxed and if you put it back in an account, their paper pushing fee shovers will have it taxed again by asset accumulation under their crooked bank.

Take "your loot" out of the chain of deception.

If you think they went cookoo on pennies missing in the chain, imagine the paper value stopped from crossing their palms.