The People's Bailout: Occupy is forgiving personal debt  NOV 09 2012

Occupy Wall Street continues to show that it's more than just a simple protest movement. They have been doing amazing work with Hurricane Sandy relief and now there's Rolling Jubilee. Here's how Rolling Jubilee works:

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!

This has my vote for idea of the year. Well, until the debt sellers catch on and either raise the price due to demand or refuse to sell to untrusted brokers.

Read more posts on kottke.org about:
business   finance   Occupy Wall Street

kottke.org

Front page
About + contact
Site archives

Subscribe

Follow kottke.org on Twitter

Follow kottke.org on Tumblr

Like kottke.org on Facebook

Subscribe to the RSS feed

Advertisement

Ads by The Deck

Support kottke.org shop at Amazon

And more at Amazon.com

Looking for work?

More at We Work Remotely

Kottke @ Quarterly

Subscribe to Quarterly and get a real-life mailing from Jason every three months.

 

Enginehosting

Hosting provided EngineHosting