Occupy debt-relief campaign buys $100,000 worth of debt

Read More: http://1goldinvestment.com/occupy-debt-relief-campaign-buys-100000-worth-of-debt/

Members of a debt relief project borne from the Occupy Wall Street campaign said Wednesday they have purchased more than $100,000 worth of medical debt in a second trial run for their efforts.

Thomas Gokey, a spokesperson for the Rolling Jubilee campaign, said the debt was purchased for $5,000. Earlier this year, the group bought $14,000 worth of debt for $500.

“We are buying debt that is being sold on the secondary market for pennies on the dollar,” Gokey said in a conference call. “We are doing it in exactly the same way that [debt collectors] do it, with one big difference: we are abolishing the debt as we buy it.”Normally, he said, such businesses acquire debt on the cheap and then hound debtors for the full amount.

Read More: http://1goldinvestment.com/occupy-debt-relief-campaign-buys-100000-worth-of-debt/