Rolling Jubilee is a non-profit that takes donations to buy debt for pennies on the dollar, and then abolishes it.
Banks sell debt for pennies on the dollar on a shadowy speculative market of debt buyers who then turn around and try to collect the full amount from debtors. The Rolling Jubilee intervenes by buying debt, keeping it out of the hands of collectors, and then abolishing it. We’re going into this market not to make a profit but to help each other out and highlight how the predatory debt system affects our families and communities. Think of it as a bailout of the 99% by the 99%.
This is definitely an interesting idea.
I wonder if you could figure out a way to identify people’s specific debts and then buy those and then resell them to the original owners for a discount?
For example, if you bought something for $1, could someone else buy that debt for $0.01 and then resell it to you for $0.50?
Where would it stop? Could someone else buy that $0.50 of debt for half a cent and then resell it back to you for $0.25?
Would the whole system come tumbling down?