It may surprise many people to learn that the Occupy Wall Street movement has paved the way for several offshoot organizations, including one that will likely earn the praise of many debt-saddled Americans.
Known as Strike Debt, the organization hopes to provide debt relief in a novel way: By purchasing debts from collection agencies and, instead of trying to collect on them, simply erasing them for consumers.
"Basically what we're going to do is exactly the same as what a regular debt buyer would do, with one big difference," said Thomas G., a member of the organization. "Rather than collect the debt, we're just going to abolish it."
Online fundraising for the organization has already brought in more than $129,000, enough to purchase $2.5 million in defaulted loans. When those debts are purchased, the organization will issue a certified letter informing certain lucky individuals that their debt has been wiped away.
In addition to purchasing debts and erasing them, the organization is seeking to empower consumers in their battle against debt.
To that end, it has released the Debt Resistors' Operations Manual, which provides guidance on how to battle creditors and a broader understanding of how the credit industry actually works.
One of the leaders of the organization said they were leery of the reception they were going to get from professional debt buyers, but that the vast majority of them proved to be supportive of the movement.
"I said, look, we're revolutionaries, you might not like what we're trying to do," said Thomas G. "And they said, 'Well, I've got kids; they're going to college; they're winding up massively in debt.' So they said they'd be happy to help us get started."
The group has revealed that its first purchases will be focused on medical debt. After that, it will move on to purchasing tuition debt, and then credit card debt.
While the organization is ambitious about its potential, it concedes that not even the most optimistic forecasts have it coming anywhere close erasing the $11 trillion dollars collectively owed by Americans.
What are your thoughts on what Strike Debt is doing?
Stay tuned for more from our Phoenix bankruptcy blog ...
If you are experiencing significant financial problems and would like to learn more about the fresh start offered by bankruptcy, take the time to speak with an experienced legal or financial professional.
The following post is for informational purposes only and is not to be construed as legal or financial advice.
Source:
The New York Times, "Occupy Wall St. offshoot aims to erase people's debts," Ariel Kaminer, Nov. 13, 2012
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