Now OWS is launching the ROLLING JUBILEE, a program that has been in development for months. 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.)
I read about this on David Rees's HOW TO SHARPEN PENCILS blog. Want to know more? It's time for a bail out of the people by the people. More info here http://rollingjubilee.org/
I read the pro and con arguments on Youtube. I thinks this could be a powerful form of debtor protest. My cell phone number belonged to some poor guy who racked up thousands in medical bill about 6 years ago. I know when his debt has been resold because I get hounded to pay it until I block them. Telling them that I now own the number does no good. I just want them to go away so this idea really appeals to me on several levels.