Commend Organization for Unifying Americans in the Fight Against Debt

credit debt

Target: Strike Debt

Goal: Support the organization’s recently developed plan to abolish debt for the common good

For years, endless debt has plagued American citizens. A new campaign called Rolling Jubilee was recently started by Strike Debt, an offshoot of the Occupy movement. This campaign works to buy debt from banks with money donated by individuals. They are not collecting on the debts they buy; instead, they are abolishing them.

Over 77 percent of American households are in debt. Individuals have accumulated debt because of basic needs like health care, education, and housing. In fact, 62 percent of all bankruptcies are due to a medical illness that a family cannot afford to pay for. This is because the purchasing power of one month’s paycheck has decreased while the monthly cost of living has risen dramatically. In other words, even though Americans work more hours than ever before, paying for a hospital visit is less financially feasible than it was 50 or 60 years ago. People can’t afford their basic needs so they use credit, which leads to a rise in debt that they are unable to fully pay off.

Traditionally, debtors are like working slaves to the collectors who make money off of them. They are bound to pay their debts plus interest to the collector. Due to obstacles like high unemployment and insufficient minimum wage standards, debts are spiraling out of control. Since the bank bailout, third-party collectors have been able to buy debt from banks for pennies on the dollar. The collectors then collect on the original amount of debt with interest. In essence, they are making money off of suffering Americans.

A new solution of debt resistance called Rolling Jubilee calls Americans to donate money to become their own “third-party collector.” With money donated by fellow Americans, Strike Debt will bail Americans out of debt by buying distressed debts from financial firms, thereby abolishing that debt and offering previously indebted Americans a chance to start over. This is truly a bailout for the people, by the people.

The organization cannot know which debts they buying because the system is anonymized. The anonymity of the system means that donations could go toward the donator’s personal debt, the debt of a neighbor, or the debt of someone who is suffering in another state. It gives Americans the opportunity to unify and collectively support one another.

Markdowns on debt by financial institutions allow the organization to buy $20 of debt for $1. So far they have raised $209,193 which means more than $4 million of debt has been erased. Show your support of Strike Debt and their Rolling Jubilee Fund by signing this petition and visiting their website to abolish more debt.

PETITION LETTER:

Dear Strike Debt,

Your recent campaign to abolish debt will free millions of Americans from the cycle of debt they have silently fought for too long. Taking action by abolishing debt is moving the conversation about private debt forward and bringing struggling Americans together. News media cannot hide from the news you are bringing them. People will be liberated from their financial struggle by uniting and donating small sums of money to save themselves and their neighbors from debt.

You are bringing the ideals of community and well being to life through a practical solution to the issues that hinder us from achieving those goals. I commend you for your innovative thinking and pointing Americans in a positive direction.

Sincerely,

[Your Name Here]

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98 Signatures

  • Eric von Borstel
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