Friday, 15 November 2013

That's Pretty Awesome

I think the Occupy movement is pretty well known by now. They're still going pretty well and lately did something I can only describe as pretty damn awesome. It's called The Rolling Jubilee project and it was set up about a year ago. Actually it was exactly a year ago today. When people really get into debt and can't pay it back, you can actually buy it at a very low price. The short version of the story is that they've actually bought (and absolved) over 15 million dollars worth of debt. Their original goal was to raise 50 thousand dollars to purchase about one million dollars worth of debt and got a lot more than that. They only spent about 400,000 getting the debt.

They mostly, if only, focus on people who shouldn't be in debt. It's not the folks who buy stuff with money they don't have. The main debt they buy is medical debt. Almost all of it. As well as helping people out with their debt they also wanted to spread the message that debt isn't as expensive as people think. Typically debt is sold to a third party at about 5 cents to the dollar. So if someone comes knocking and says you owe so much, they more than likely paid only a fifth of what your debt is actually worth. So if they can get you to pay it, then they'll have made quite a big profit.

It just seems like a pretty amazing thing to purchase people's debt and then call them up and tell them it's all absolved. Especially when it's medical debt. If you're going to max out several credit cards on a bunch of material goods then you probably get what you deserve, but if you have to choose bankruptcy to save your life, then that's pretty shitty. No one should end up bankrupt or in serious debt because of their medical bills.

It's also very cool to see some people preach things and then actually follow through with it. They actually absolved people's debt.

For more information on Rolling Jubilee, feel free to visit their website; http://rollingjubilee.org/ It's a bailout of the people, by the people.

11 comments:

  1. I agree that nobody should go bankrupt due to medical bills. We should not let that happen as a society.

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  2. Now that is quite awsome, good people!

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  3. what a cool project...and what a grace to people as well to all of a sudden be relieved of that burden...that is so cool...

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  4. That's a really good cause, and a really good idea. I don't know if the Occupy movement was losing steam, or the media is just not covering them, but I was kinda disappointed I was not hearing a lot about it. I could be doing more to help free us from the shackles of our oppressors too...whatevers though, it's good to finally hear some good news about Occupy.

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  5. This sounds fantastic! It's a useful (and far less pungent) way to get your point across.

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  6. Or you can live in Canada. Yay for free Healthcare.

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  7. Yeah sounds pretty awesome to me too

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  8. It's a total shame that people go into debt to pay for basic medical care. Glad there is this project to help out but the long term solution must be made into law. Everyone especially in such a rich country should have and can totally afford to have, something akin to the UK's NHS. Take care
    x

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  9. Pretty cool story, good on this project, have to admit that I am a fan of this!

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  10. I heard about this, crazy to think that $400,000 can buy $15 million in debt.

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