Friday, November 9, 2012

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.

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