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.
— Schuyler Erle (@schuyler) November 17, 2012
Here’s a video that explains what they’re up to and why they might be on to something: