How Your Medical Debt May One Day Magically Disappear

What's Hot


2 Types of Black Marks Might Vanish From Your Credit File SoonBorrow

6 Ways the Obamacare Overhaul Might Impact Your WalletInsurance

7 Dumb and Costly Moves Homebuyers MakeBorrow

This Free Software Brings Old Laptops Back to LifeMore

Obamacare Replacement Plan Gets ‘F’ Rating from Consumer ReportsFamily

Beware These 12 Common Money MistakesCredit & Debt

21 Restaurants Offering Free Food Right NowSaving Money

17 Ways to Have More Fun for Less MoneySave

House Hunters: Beware of These 6 Mortgage MistakesBorrow

30 Household Uses for Baby OilSave

25 Ways to Spend Less on FoodMore

Nearly Half of Heart-Related Deaths Linked to These 10 Foods and IngredientsFamily

5 Surprising Benefits of Exercising Outdoors in WinterFamily

10 Ways to Save When You’re Making Minimum WageSave

Boost Your Credit Score Fast With These 7 MovesCredit & Debt

7 Painless Ways to Pay Off Your Mortgage Years EarlierBorrow

The Most Sinful City in the U.S. Is … (Hint: It’s Not Vegas)Family

The True Cost of Bad CreditCredit & Debt

10 Companies With the Best 401(k) PlansGrow

This Scam Now Tops ID Theft as the No. 2 Consumer ComplaintFamily

6 Stores With Awesome Reward ProgramsFamily

6 Ways to Save More at Lowe’s and The Home DepotSave

6 Healthful Treats for Your DogFamily

New Study Ranks the Best States in the U.S.Family

Thousands of Millionaires Moving to 1 Country — and Leaving AnotherGrow

Strapped for College Costs? How to Get the Most From FAFSABorrow

6 Overlooked Ways to Save at Chick-fil-AFamily

Ask Stacy: What’s the Fastest Way to Pay Off My Mortgage?Borrow

Where to Sell Your Stuff for Top DollarAround The House

8 Ways to Get a Good Price on a Shiny New AutoCars

Ask Stacy: How Do I Start Over?Credit & Debt

Secret Cell Plans: Savings Verizon, AT&T, T-Mobile and Sprint Don’t Want You to Know AboutFamily

30 Awesome Things to Do in RetirementCollege

14 Super Smart Ways to Save on TravelSave

The Rich Prefer Modest Cars — Should You Join Them?Cars

You’ll Soon Pay More to Shop at CostcoSave

10 Ways to Save When Your Teen Starts DrivingFamily

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: Lookin’ Good! How to Get a Killer Deal on Eyeglasses

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 1,933 more deals!