Occupy Wall Street Works Toward Debt Forgiveness

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A branch of Occupy Wall Street called the Rolling Jubilee is seeking donations to buy-up and relieve random citizens of distressed debts reports The Telegraph.
CNN said Rolling Jubilee has been spearheaded by Occupy's Strike Debt team to protest a "predatory" lending system. Rolling Jubilee will host a phone-a-thon in New York City on Nov. 15 called "The People's Bailout" to raise money for buying and erasing defaulted student loans, medical bills and other debts.
According to CNN, Rolling Jubilee will focus efforts on communities that have been hardest hit by the recession.
Rolling Jubilee's site says, "We cannot buy specific individuals' debt - instead, we help liberate debtors at random through a campaign of mutual support, good will, and collective refusal."
An editorial from Forbes praised OWS's move and posited the advantage of having a third party buy-up an individual's debt: it saves the person from an overwhelming tax-rate at the end of the year.

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This page contains a single entry by Sara G published on November 11, 2012 3:10 AM.

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