How Your Medical Debt May One Day Magically Disappear

What's Hot

23 Upgrades Under $50 to Make Your House Look AwesomeAround The House

Trump Worth $10 Billion Less Than If He’d Simply Invested in Index FundsBusiness

Do This or Your iPhone Bill May SkyrocketSave

11 Places in the World Where You Can Afford to Retire in StyleMore

19 Moves That Will Help You Retire Early and in StyleFamily

What You Need to Know for 2017 Obamacare EnrollmentFamily

8 Things Rich People Buy That Make Them Look DumbAround The House

50 Ways to Make a Fast $50 (or Lots More)Grow

32 of the Highest-Paid American SpeakersMake

The 35 Two-Year Colleges That Produce the Highest EarnersCollege

5 DIY Ways to Make Your Car Smell GreatCars

Amazon Prime No Longer Pledges Free 2-Day Shipping on All ItemsMore

More Caffeine Means Less Dementia for WomenFamily

7 Household Hacks That Save You CashAround The House

5 Reasons a Roth IRA Should Be Part of Your Retirement PlanGrow

30 Awesome Things to Do in RetirementCollege

Beware These 10 Retail Sales Tricks That Get You to Spend MoreMore

9 Tips to Ensure You’ll Have Enough to RetireFamily

Remember those angry college kids sleeping in Zuccotti Park to protest against Wall Street? They want to own your debt.

Remember Occupy Wall Street? When the young activists finished camping out and switching banks, some of them turned to more practical goals.

One group of them formed a financial services cooperative and plan to launch an Occupy-branded debit card. Others started wiping out people’s medical debt.

The latter operation, called the Rolling Jubilee, has been running for a year now. During that time, it has received more than $633,000 in donations — and erased a whopping $14.7 million in debt, according to the people running it.

How do they do it? They solicit donations, then use the money to get between the hospitals and the debt collectors. They buy up debts in bundles for pennies on the dollar of what’s owed, and then cancel them. They just say: You owe us nothing. Poof, debt gone.

“In the Jubilee’s latest and largest debt buyout in May, they purchased a $12 million bundle of medical debt for just under $250,000, relieving some 1900 consumers of an average of $6,400 worth of debt each,” Yahoo Finance says. The average donation fueling that purchase was $40.

You can’t ask them for help — the Rolling Jubilee can’t track down specific debts because of the way they’re bundled, Yahoo Finance says. The group learns the names included only after purchasing a bundle, and then it tries to contact those people. It chose to focus on medical debt first because that’s the largest source of U.S. personal bankruptcies. But if you have outstanding medical debt, maybe you’ll get lucky.

“It’s like winning the lottery without ever knowing you entered,” Yahoo Finance says.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!


Read Next: Sam’s Club Reveals Details of Black Friday, 5 Other Holiday Sales

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,709 more deals!