Tuesday, March 19, 2013
Occupy Wall Street offshoot raises $21,000 to eliminate $1,000,000 of health care debt
by Larry Geller
Now, that’s a productive investment. What’s this about? From a CNN story:
Occupy Wall Street offshoot, Strike Debt, announced Friday that it has abolished $1.1 million in medical debt for more than 1,000 people.
The protest group did this by buying emergency room debts for pennies on the dollar and then simply forgiving them rather than trying to collect the money, Strike Debt said in a statement.
When a bank, lender or other company, like a hospital, is unable to collect on a debt, it typically sells it to debt buyers or collectors -- often at a much lower price than the original amount owed since the odds of collecting the money are low.
[CNN, Occupy offshoot forgives $1 million in random people's debt, 3/15/2013]
Then, instead of trying to collect the debt, they sent letters explaining that the debt was forgiven.
Click on the link for the complete article.