For one thing, this seems like a lottery, the money goes to buy out RANDOM DISTRESSED debt. That is, some random person or CORPORATION has their debt wiped out. But this is debt that has little chance of being collected anyway.
The second thing, the average person, having their debt erased will just go shopping, that is, they will incur new debt.
Look again at the wording...DONATE. You give without expecting anything in return
Count me out
Quoting: Real list Do you really think the debt absolution will bail out corporations? The movement has more going on than the average person, like you to think this is even a consideration.
Typical glper. Sorry folks, been here a while. Learned a lot.
Donating is giving without expectation, donating because one believes in the cause and knows group participation is good for all.
Move along .... you're just spoiling it for the rest of us.
Banks sell debt for pennies on the dollar on a shadowy speculative market of debt buyers who then turn around and try to collect the full amount from debtors. The Rolling Jubilee intervenes by buying debt [
link to rollingjubilee.org]
Without more specificity I must assume they are buying BUNDLED debt securities which might or might not contain certain corporate debts.
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The vast majority of student loans have these federal guarantees. We cannot buy these loans
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so in an area that could do the most good for debt that is more certain to be personal, they can do nothing.
Op can live in his(her) rosy world, if he(she) wants to, but I see this as not much more than donations to banks. ou are donating to erase debt that the banks will probably NEVER collect anyway. Well, the debt collecters will never collect.
Here's a personal example:
I Loaned a relative $10,000 so he could pay off his bank truck loan so he could take on more temporary debt for a realestate deal. Complicated. Anyway, the deal fell through, he filed bankruptcy that included his debt to me. I lost 10,000 and a bank gained 10,000. That was my donation. I bought his debt for him. In return he fucked me. 80% to 90% of the people this program might help will fuck you if they get a chance.
Good luck rosy-eyse
