Debt: Crisis for the poor financial boon for others

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The Rolling Jubilee Project highlights how much of the economy revolves around consumerism and the poor being in debt. In America debt is parceled up and sold at a discount  to companies who chase the debt for profit.   This is a  lucrative industry that in order to exist requires people to purchase things they can’t afford ( in America this often includes medical care)  and then  they chase that debt  which usually includes exorbitant interest. Thus the haves extend their wealth and the poor get deeper and deeper into debt.

The  Rolling Jubilee Project is purchasing  debt, usually relating to medical expenses. Often paying as low as five cents  for ever dollar of debt. Then they send a letter to the debtor saying their debt has been extinguished.

This is not an answer to debt there is just far too much debt out there. In fact some would say it rewards people that make a profit from other people’s financial misfortune but what a difference it makes when you treat people as human beings not as necessary collateral  damage in an economic system that relies on there being winners and losers.  

Something to think about: Our current Government has said that it is considering parceling up outstanding HECS debts and on-selling it to companies that will chase the debt for profit. Is following America’s path in debt collection how we want to treat the poor in Australia?

Click link to find out more about the Rolling Jubilee Project.

Rolling Jubilee Project

 

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