erasing debt

Since financial companies have proven too venial, too corrupt, or too inefficient (or all three) to deal with the consumer debt crisis, I'm not surprised that non-traditional solutions are being sought. I was moved almost to tears by this one.

Rolling Jubilee is a response to debt. What they are doing is buying up bad debt... and then erasing it. They claim that by spending $500, they erased $14,000 worth of debt.

My stars.

From their website:

We buy debt for pennies on the dollar, but instead of collecting it, we abolish it. We cannot buy specific individuals' debt - instead, we help liberate debtors at random through a campaign of mutual support, good will, and collective refusal.

Even they admit that a 28000% return on investment is unlikely, but the first site linked above claims a 2000% (20:1) return - e.g., that $100 will erase $2,000 of debt.

They're starting with The People's Bailout, a variety show with quite a lineup of talent (and yes, some of them are The Usual Suspects, but some are not traditional lefties) on November 15 (and you might be able to stream it; you might not need TV).

I'm planning to follow this. More developments as they arise.