I'm not a big fan of Occupy Wall Street, but...

[Engineer]

Occupy Wall Street has launched a campaign to buy up distressed debts and forgive them.

http://www.businessinsider.com/why-occupys-plan-to-cancel-consumer-debts-is-brilliant-2012-11

[barrytrot]

"Plan" is NOT equal to "Execution of Plan".

This is total BS.

When your income is "donations" and your constituency is essentially "the intentional homeless" your income generating power is pretty minimal.

[Engineer]

"Plan" is NOT equal to "Execution of Plan".

This is total BS.

When your income is "donations" and your constituency is essentially "the intentional homeless" your income generating power is pretty minimal.

Agreed, and I won't be donating to them. On the other hand, it does give me some ideas on for future acts of charity. If you can truly leverage your charitable donations 20:1, you could do a lot of good if you were able to pick and choose which types of debt (and debtors) you wanted to help.

[Doctor Steuss]

I donated $10 yesterday. Their trial run was $14,000 in debt purchased for $500. So, if they are able to keep the ratio of their trial run, I potentially just helped a stranger have $280 forgiven. If not, I just lost what I normally spend on lunch... so, no biggy.


"This fiftieth year is sacred—it is a time of freedom and of celebration when everyone will receive back their original property, and slaves will return home to their families. "
—Leviticus 25:10

[barrytrot]

Doctor Steuss,

You do realize that the 4 cents on the dollar debt means that the person was pretty much never going to pay anyway, right? So I'm not really even sure who the beneficiary of this is. The person was NOT planning on paying in the first place

[Doctor Steuss]

Doctor Steuss,

You do realize that the 4 cents on the dollar debt means that the person was pretty much never going to pay anyway, right? So I'm not really even sure who the beneficiary of this is. The person was NOT planning on paying in the first place

I would like to believe that some of the people have every intention of eventually paying the debt, but are currently in circumstances that prevent it. These are hard times, with a lot of people out of work.

I realize though that you are probably right, and I may be naïve in the above belief (I do tend to be too optimistic in regards to the good within people, which leads me to be taken advantage of pretty often much to my girlfriend's chagrin) and they aren't planning on paying the debt -- in that case, I hope the collection calls stopping, and them being the beneficiary of a random act of kindness can perhaps cause a moment of self-reflection or perhaps open the doors to rebuilding a positive and responsible credit record.

Or, at the very least, I didn't eat lunch today because I spent my budgeted $10 on the OWS Jubilee, which after binge-eating at a B-day party over the weekend, I probably needed.

[barrytrot]

I am all for any type of dieting that works So you win

[frugalcanuck]

I think this is an interesting idea. I would like to know how they buy specific peoples debt if everyones debt is chopped up and sold on the markets. If this is possible can we find a family member or friend who has been in debt for a long time and pay it off with nickles on the dollar? This is only a question. Im not saying I have family or friends, just wondering if that is possible.

[Diggin4copper]

Imagine if our government did this for its people? Wow what an economic impact it would have. Instead of 500 million to Solyndra etc.. it could help the people with billions in oppressive debt.. sigh.. just another dream..

[eventurer]

How does this solve the bigger problem? People buying stuff they dont need, with money they dont have...

Yes some are due to lost jobs/sickness and others beyond their control. But majority are people who over extended themselves at their own choice. People put priorty on the wrong things (Ipad/Cable TV/Nikes) and bills come last.

If I know someone is going to pay off my debt why be responsible? If someone is going to pay for my healthcare why am I going to take care of my health? Moral hazard = "any situation in which one person makes the decision about how much risk to take, while someone else bears the cost if things go badly"

"It destigmatises debt by saying, "we're all in this together, we believe your situation is unfair, not shameful, so we're going to help you out".

Debt is not shameful.... not paying your debts should be...

Help the helpless, screw the clueless.