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Old 11-16-2012, 08:50 PM   #1
Hazard
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Default Occupy Wallstreet protesters knock $5 mil off of the nations debt

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The campaigners founded the Rolling Jubilee project to buy-up distressed loans, where repayments are in arrears, for pennies in the pound and then cancel them free of charge to "liberate debtors at random". That debt will include large amounts of student loans and outstanding medical bills owed by people struggling to meet repayments.
Individuals or companies can buy 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.
That's amazing, ingenious, and ****ed up all at the same time. I commend the hell out of those people for their efforts.
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Old 11-16-2012, 09:14 PM   #2
Riddler
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Default Re: Occupy Wallstreet protesters knock $5 mil off of the nations debt

reminds me of that one story:

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The man asked the boy what he was doing, the boy replied,"I am throwing these washed up starfish back into the ocean, or else they will die through lack of oxygen. "But", said the man, "You can't possibly save them all, there are thousands on this beach, and this must be happening on hundreds of beaches along the coast. You can't possibly make a difference."
The boy looked down, frowning for a moment; then bent down to pick up another starfish, smiling as he threw it back into the sea. He replied,
"I made a huge difference to that one!"
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Old 11-16-2012, 09:31 PM   #3
johndeeregreen
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Default Re: Occupy Wallstreet protesters knock $5 mil off of the nations debt

Wow, that's a refreshing change, people actually doing something about the things they're bitching about. Good on em.
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Old 11-16-2012, 10:04 PM   #4
bmulls
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Default Re: Occupy Wallstreet protesters knock $5 mil off of the nations debt



They aren't doing anything. These debt collectors buy up debt that companies have already written off and reported to the credit agencies. Then they harass you all day every day to try to get you to pay. These people are doing the same thing except "forgiving" the loans instead. The people still defaulted on their loans and their credit ratings are still totally fcked up.
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Old 11-16-2012, 10:14 PM   #5
Jailblazers7
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Default Re: Occupy Wallstreet protesters knock $5 mil off of the nations debt

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Originally Posted by bmulls


They aren't doing anything. These debt collectors buy up debt that companies have already written off and reported to the credit agencies. Then they harass you all day every day to try to get you to pay. These people are doing the same thing except "forgiving" the loans instead. The people still defaulted on their loans and their credit ratings are still totally fcked up.

Their credit rating may suck but this is definitely helpful for the people who had their loans forgiven by people doing this. Doing this for student loans could be especially helpful since they don't get erased in bankruptcy proceedings the way that other debts do.
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Old 11-16-2012, 10:32 PM   #6
Hazard
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Default Re: Occupy Wallstreet protesters knock $5 mil off of the nations debt

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Originally Posted by bmulls


They aren't doing anything. These debt collectors buy up debt that companies have already written off and reported to the credit agencies. Then they harass you all day every day to try to get you to pay. These people are doing the same thing except "forgiving" the loans instead. The people still defaulted on their loans and their credit ratings are still totally fcked up.
What the hell are you talking about? How is forgiving loans and erasing debt not doing anything? Credit rating sucks regardless, except now you don't have to worry about collectors on your ass 24/7. Those people will finally be able to maybe climb uphill instead of climbing out of a hole. Its definitely doing something.
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