Brilliant! Why hasn't anyone thought of this sooner? If you are in debt, from medical issues or what have you, most companies sell that debt to a debt collection company that hounds you to pay it off. Usually buying the debt is cheap. A few hundred dollars will buy you thousands of dollars of debt. So a company pays $500 for $10,000 of bad debt. The company calls and harrasses you and says they got a great deal for you - pay them just $2000 and they will wipe the debt away. They make a 400% profit as they act like vultures on the poor and downtrodden. Let me tell you of the brilliant plan Occupy Wall Street has come up with.
More under the deep fried cheesecurd.
They bought $14,000 of bad debt for a whopping $500 and then "poof" made the debt disappear forever!
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.And now they are taking it nationwide with a show and fundraiser. AND YOU CAN HELP.
A brilliant name too - The People's Bailout.