Relieving Consumer Debt, One Penny at a Time

SummersTimes: Public Policy Analysis from Scott Summers

I’m struck by a novel method of relieving consumer debt. It is both simple and clever.

After collection agencies exhaust all possibilities, some debts effectively are written off. They are bundled and sold – often for pennies on the dollar.

Nonprofit organizations like RIP Medical Debt.and Rolling Jubilee step into the market and buy up these “debt portfolios”.

Then the groups turn to the individual debtors and forgive their debts!

For more, see:

RIPMedicalDebt.org

RollingJubilee.org

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