WEB NEWS - Occupy Wall Street activists buy $15 million of Americans’ debt
- 10 years ago
Today on the net: Occupy Wall Street activists buy 15 million dollars of Americans’ personal debt; thousands of web users across the US sign up to make a kid’s wish come true; and passengers on the Moscow subway are given free tickets in exchange for a spot of sport.
Occupy Wall Street activists buy $15 million of Americans’ debt
Activists from the anti-capitalist Occupy Wall Street movement launched the "Rolling Jubilee" campaign last year. A campaign that has seen them buy almost 15 million dollars of Americans’ personal debt, mainly debt incurred paying medical fees, and then abolish it, freeing individuals and families from their repayment bills.
Expenses that should have been covered by free medical insurance says the group which purchased these millions of dollars’ worth of debt with just 400 000 dollars. As explained on the Rolling Jubilee website, as creditors have very little hope of being paid back, they sell the debt on to a third party, typically for a few cents on the dollar.
But contrary to collection agencies that then try and recoup the debt from the individual debtor, and thus make a profit, the Occupy Wall Street activists strike it off. The operation has been funded by micro-donations from individuals made via the website, and is described as “a bailout of the people by the people”. It has helped over 3,800 Americans so far, all of whom received letters informing them their medical debt had been lifted.
The Occupy offshoot group has another 200,000 dollars left in their bank… and they’re going to use it to help American students as college loan debt has risen dramatically in recent year... Go on reading on our web site.
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Occupy Wall Street activists buy $15 million of Americans’ debt
Activists from the anti-capitalist Occupy Wall Street movement launched the "Rolling Jubilee" campaign last year. A campaign that has seen them buy almost 15 million dollars of Americans’ personal debt, mainly debt incurred paying medical fees, and then abolish it, freeing individuals and families from their repayment bills.
Expenses that should have been covered by free medical insurance says the group which purchased these millions of dollars’ worth of debt with just 400 000 dollars. As explained on the Rolling Jubilee website, as creditors have very little hope of being paid back, they sell the debt on to a third party, typically for a few cents on the dollar.
But contrary to collection agencies that then try and recoup the debt from the individual debtor, and thus make a profit, the Occupy Wall Street activists strike it off. The operation has been funded by micro-donations from individuals made via the website, and is described as “a bailout of the people by the people”. It has helped over 3,800 Americans so far, all of whom received letters informing them their medical debt had been lifted.
The Occupy offshoot group has another 200,000 dollars left in their bank… and they’re going to use it to help American students as college loan debt has risen dramatically in recent year... Go on reading on our web site.
http://www.france24.com/en/taxonomy/emission/18008
Visit our website:
http://www.france24.com
Like us on Facebook:
https://www.facebook.com/FRANCE24.English
Follow us on Twitter:
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