An Interest In:
Web News this Week
- April 26, 2024
- April 25, 2024
- April 24, 2024
- April 23, 2024
- April 22, 2024
- April 21, 2024
- April 20, 2024
Some of Our Sources
- Slashdot
- TutsPlus - Code
- Abduzeedo
- Vandelay Design
- You The Designer
- FanExtra - PSD
- Crazy Leaf Design
- Reencoded
- Freelance Switch
- Codrops
Help Webnuz
Referal links:
November 17, 2012 12:40 am GMT
Many Americans owe far less actual debt than their balance sheets imply, since banks are willing to accept pennies on the dollar to ensure at least some repayment on defaulted loans. Traditionally, debt collectors buy up the discounted loans from banks and harrass (strike) debtors to pay the full amount. In doing so they make a tidy profit by collecting more money than the bank would have been able to.Operation "Rolling Jubilee" aims to disrupt the predatory debt collector trade by using charitable donations to buy discounted loans directly from banks and never asking debtors to pay the full amount. After a star-studded opening New York gala, the Occupy Wall Street offshoot has raised enough to forgive $5 million in debt.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/7G4l-e8P8ok/
Crowdsourced Debt Forgiveness: Rolling Jubilee Is Occupys Latest PR Hit
Many Americans owe far less actual debt than their balance sheets imply, since banks are willing to accept pennies on the dollar to ensure at least some repayment on defaulted loans. Traditionally, debt collectors buy up the discounted loans from banks and harrass (strike) debtors to pay the full amount. In doing so they make a tidy profit by collecting more money than the bank would have been able to.Operation "Rolling Jubilee" aims to disrupt the predatory debt collector trade by using charitable donations to buy discounted loans directly from banks and never asking debtors to pay the full amount. After a star-studded opening New York gala, the Occupy Wall Street offshoot has raised enough to forgive $5 million in debt.Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/7G4l-e8P8ok/
Share this article:
Tweet
View Full Article
Techcrunch
TechCrunch is a leading technology blog, dedicated to obsessively profiling startups, reviewing new Internet products, and breaking tech news.More About this Source Visit Techcrunch