Posted by: winslie | November 14, 2012

Occupy Offshoot Aims to Erase People’s Debts – NYTimes.com

Movement by the people.

The Tribune of the People

A group of professors, documentary filmmakers, corporate dropouts and others had spent months protesting Americans’ debt burden when a novel idea arose: What if they could just wave a magic wand and make some of it disappear?

The group, an offshoot of the Occupy Wall Street movement called Strike Debt, is trying to buy some of the debts that people have accrued — which lenders often sell for pennies on the dollar to third parties who either try to collect on it or bundle it up for resale. Strike Debt, however, is not looking to collect on them; instead it plans to give some debtors the surprise of a lifetime.

“Basically what we’re going to do is exactly the same as what a regular debt buyer would do, with one big difference,” said Thomas Gokey, an artist and teacher. “Rather than collect the debt, we’re just going to abolish it.”

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Responses

  1. interesting….. let us hope this works out well


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