Saving Money Blog

Finance Blogs » Saving Money Blog » ‘Occupy’ group strikes debt

‘Occupy’ group strikes debt

By Crissinda Ponder ·
Wednesday, November 14, 2012
Posted: 10 am ET

The 99 percent's "spokesman," Occupy Wall Street, is on the move yet again. This time, they are working to build resistance to debt imposed by banks and shed light on predatory lending practices.

The Strike Debt movement, which started from a coalition of Occupy groups, is raising money to buy and abolish debt -- keeping it away from collectors and saving debtors money -- according to Strike Debt's website.

Originating in New York City, Strike Debt now has affiliates across the country with the collective belief that people shouldn't go into debt for basic necessities such as education, health care and housing.

Because the group can't buy any one person's debt, accounts are selected at random and sold. "Think of it as a bailout of the 99 percent by the 99 percent," the website explains.

Strike Debt is expanding its mission of liberating debtors through a variety show and telethon on Thursday, Nov. 15. "The People's Bailout" features comedy, education, magic and music, among other entertainment. The sold-out event will stream live from New York on The Rolling Jubilee's website, a Strike Debt fundraising project. All proceeds will go directly to buying and canceling people's debt.

"We want an economy where our debts are to our friends, families, and communities -- and not to the 1 percent," Strike Debt's website says.

What are you doing to pay off your debt and save money?

Follow me on Twitter @CrissiPonder.

Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
1 Comment
November 16, 2012 at 3:02 am

How about stike people from borrowing way more than they can pay back