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A bailout for the people by the people. That’s the basis of the latest campaign from the good folk who brought you Occupy Wall Street, The Rolling Jubilee will buy back consumer debt and forgive it.

The premise is simple: much of the debt everyday Americans find themselves in becomes worth significantly less than the original amount borrowed and is commonly sold on for a fraction of the amount owed. It’s bought for a smaller price by debt collectors, or those who commission them, and the original amount sought from the borrower.

Rolling Jubilee’s plan is to buy the debt for a fraction of it’s ‘value’ and write it off. They began with a gala launch in New York which raised $250,000 USD, enough to erase $5,000,000 of debt. The campaign will begin by trying to focus on debt incurred for medical expenses.

A slick social media strategy and a simple concept have seen the campaign begin to gain traction.

Here’s a video that explains what they’re up to and why they might be on to something: