Rolling Jubilee / The People’s Bailout

Have you heard about the People’s Bailout?  They are buying up debt (the same way debt collectors do) but instead of collecting the debt, they forgive it.  Yes, forgive it.  My first year out of college, I was living in a new city and barely scrapping by with temp jobs; my credit card balance  just grew and grew — not because I was buying extra pairs of shoes but because I was buying groceries.

I count myself as really lucky in that eventually things turned around; the economy improved, I found a full time job (with benefits) and moved in with Tim, (who also helped me pay off some of the debt).  But, the panicky desperation of that time gives me empathy for anyone who is carrying credit card debt. I’m sure there are some kinks and details to be worked out, but, I really support the message of people helping people.  That is what I find so admirable about Occupy Sandy and really, any time a community comes together (babysitting coops, CSAs, quilting bees, barn-raising…).

Donate here.

One thought on “Rolling Jubilee / The People’s Bailout

  1. erica

    hmm, i wonder if there could be something set up in which a person receives a loan for a certain amount but only has to pay back 1/2 or 3/4 of the amount, which is then paid forward by the organization to help another person (the rest is funded by donations). not everyone defaults on debt. it would be nice to help out people who are able to pay their bills but struggle to pay them off entirely because of high interest rates and balances.

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