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‘Occupy’ group strikes debt

By Crissinda Ponder · Bankrate.com
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.

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1 Comment
haha
November 16, 2012 at 3:02 am

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