Occupy Movement Is Alive and Buying Your Debt
BOSTON (TheStreet) -- Since its forced eviction from the Zucotti Park in New York City at the end of 2011, Occupy Wall Street may have slipped from much of the general public's radar. Not only is the group still alive and kicking, but it has made recent headlines with the success of its ambitious program designed to help abolish some people's personal debt.
Rolling Jubilee, an initiative set up by Occupy's Strike Debt group last year, announced last month that has bought and purged nearly $15 million in other people's personal debt, mostly from medical bills.
"No one should have to go into debt or bankruptcy because they get sick," Laura Hanna, an organizer with the group, told The Guardian, noting that 62% of all personal bankruptcies list medical debts.
Some critics warned that lenders might be reluctant to sell to Strike Debt. Yet so far, that hasn't been the case."It hasn't been an issue at all," Mike Andrews, a writer and editor who has been involved with Strike Debt's efforts, told Business Insider. "[The lenders] are happy to get paid any amount for it, and they don't care what happens with it after it's bought."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV