OWS is back, buying up your debts and forgiving it

[tjts1]

The Rolling Jubilee project is seeking donations to help it buy-up distressed debts, including student loans and outstanding medical bills, and then wipe the slate clean by writing them off.
Individuals or companies can buy distressed debt from lenders at knock-down prices if it the borrower is in default or behind with payments and are then free to do with it as they see fit, including cancelling it free of charge.
As a test run the group spent $500 on distressed debt, buying $14,000 worth of outstanding loans and pardoning the debtors. They are now looking to expand their experiment nationwide and are asking people to donate money to the cause.

[mrsleeve]

See charity and private donations are much better at helping people that are in need, than the Govt.


Ironic that you have proven the point some of us have been trying to beat though your skull for years now with OWS. That govt entitlement programs, and that taking from those that make, to give to others is not really the best approach to really help people in need. Even more ironic that OWS is going against their very core goals of govt redistribution eat the rich, to a more capitalistic private charity, Modus operandi .

Huh who knew.

[bmwstephen]

what an effin joke. the economics don't work and most of these people in debt are due to their poor choices.

[mrsleeve]

what an effin joke. the economics don't work and most of these people in debt are due to their poor choices.

While this is very true and the people they are bailing out, will not lean a fucking thing by not digging their own ass out of the hole and suffering the consequences of their own stupidity.

This is about the only thing I can say I remotely agree with OWS trying to do.

[iamsam]

yeesh I need this.

And yep, I am in debt because of my poor choices. Like getting a degree in mechanical engineering and accruing student loans, racking up medical bills paying for my daugter's and wife's surgeries. poor poor choices.

[bmwstephen]

yeesh I need this.

And yep, I am in debt because of my poor choices. Like getting a degree in mechanical engineering and accruing student loans, racking up medical bills paying for my daugter's and wife's surgeries. poor poor choices.

and your degree will pay off the debt absent of a bail out cause its in demand and valuable. so good choice because you made a good and productive investment.

[mrsleeve]

^

yeah that

[iamsam]

and your degree will pay off the debt absent of a bail out cause its in demand and valuable. so good choice because you made a good and productive investment.

Well thank you. I was being sarcastic btw.

Except the part that I am barely scraping by right now, that is the truth. The bills are demanding more than I make at the moment, but hopefully relatively soon I get on top of this, before the economy completely implodes or the zombie apocalypse etc

[bmwstephen]

Well thank you. I was being sarcastic btw.

Except the part that I am barely scraping by right now, that is the truth. The bills are demanding more than I make at the moment, but hopefully relatively soon I get on top of this, before the economy completely implodes or the zombie apocalypse etc

you will for sure. I'm confident. I admit as I was one of those college students that ended up with a mickey mouse degree and some debt. Thankfully, my work ethic paid off and within a year I was net positive and growing every time. If I were to look back at things, I would've gone straight with an engineering degree, consumed less, and invested more. Considering this, I know a lot of people in my age group that in are debt do so for the wrong reasons which is why I have little sympathy for them

[rwh11385]

Wow. I actually was wondering if they completely disbanded since last year was so big, and then it got cold, and generally didn't come back. But they actually found something productive to do with themselves. It's true, once a company gives up on 'bad debt', they largely write it off so the value is pretty small. Wiping the remainder away makes sense and pretty cheap to do. And resolving it that way is way more sane than Tyler Durden's plan to erase debts...

As sleeve said, this is the way to do it - privately with charity and donations rather than protesting for a student loan bailout.



I'm all for social enterprise and charity groups making a difference instead of relying on or expecting the government to do so. There's some programs to buy up foreclosed homes and help low income people live in them. I'm also an regular Habitat volunteer. But this was something interesting too: http://www.fastcoexist.com/1679178/p...n-six-months#1

In September 2011, Dominguez and his friend Sarah Filley, an urban planner, teamed up to create Popuphood, a project that is giving five new retail shops the opportunity to get six months of free rent at previously vacant storefronts on one block in the neighborhood. Dominguez and Filley didn’t have to work too hard to convince the landlord that owns the storefronts to get on board. The spaces had been unoccupied for at least a year, and successful storefronts might stay put past the six month mark. The Oakland Redevelopment Agency, ever hopeful to revitalize downtown, pitched in with a $30,000 grant

[iamsam]

Even though it would be ridiculously unfair, I would love a student loan bailout. Heck, saves me like $50k

[z31maniac]

you will for sure. I'm confident. I admit as I was one of those college students that ended up with a mickey mouse degree and some debt. Thankfully, my work ethic paid off and within a year I was net positive and growing every time.

Took me about 3 years, but the same result.

Good luck creepingdeath, just keep busting your ass and it will pay off. Especially with engineering, you guys are in so much demand right now.

I know it sucks to say and it isn't fair and blah blah blah, but you may have to consider moving to get your money's worth.

What you guys are worth down here in Oil/Gas country is impressive.

[DaveNorCal]

Over half of personal bankruptcies are triggered by medical debt of those who have health insurance. Misfortunes befall people who have made good decisions. In my work I have seen any number of mid-fifties guys who went to college, went to work for corporate America, did their jobs for thirty years, kept gettting promoted, and then got laid off. They did the "right" things, voted republican, saved money, spent prudently, invested wisely, and lost it all. Now they are experiencing age discrimination and can't get jobs even flipping burgers. The idea that calamities beyond our control don't happen to people is a young man's delusion.

[Morrison]

^ Don't tell Sleeve. His whole family has experienced tremendous medical difficulties and always risen above without issue - therefore nobody has a valid excuse.

[joshh]

^ Don't tell Sleeve. His whole family has experienced tremendous medical difficulties and always risen above without issue - therefore nobody has a valid excuse.

It's not about excuses. It's about moving on and doing something about it. I know first hand.