A debt jubilee…Did you know that there is an organization that is seeking donations to buy-up distressed debts, including student loans and outstanding medical bills, and then wipe the slate clean by writing them off. It is called the Rolling Jubilee. Watch the video; it gave me goosebumps. Goosebumps of recognition. Goosebumps of excitement. Imagine a world free of debt.
David Rees, one of the organisers behind the project, writes on his blog: “This is a simple, powerful way to help folks in need – to free them from heavy debt loads so they can focus on being productive, happy and healthy.
“Now, after many consultations with attorneys, the IRS, and our moles in the debt-brokerage world, we are ready to take the Rolling Jubilee program live and nationwide, buying debt in communities that have been struggling during the recession.”
A video released to promote the project says: “We shouldn’t be forced into debt to cover basic needs like healthcare, housing and education. We need a jubilee, a clean slate. The math is on our side; a little bit of money goes a long way. If we can raise $50,000 we can buy a million dollars worth of debt and abolish it.
“We bailed-out the banks and in return they turned their backs on us. We don’t owe them anything, we owe each other everything. It’s time for a bail-out of the people, by the people.”