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Banking Law

Occupy Offshoot Buys Up Debt with Aim of Forgiveness

Posted Nov 15, 2012 6:29 AM CDT
By Debra Cassens Weiss

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Occupy Wall Street protesters in 2011. Daryl Lang
Shutterstock.com

An offshoot of Occupy Wall Street is trying to improve the financial picture of some Americans by buying up debt for pennies on the dollar, with no intent to collect.

The group is called Strike Debt, the New York Times reports. It has already raised $129,000 in online donations and will hold a fundraiser Thursday evening.

First on the group’s acquisition list is medical debt, to be followed by tuition debt and credit card debt.

A September article in the Nation explained the group's philosophy. "Debt, a growing number of organizers believe, has the potential to serve as a kind of connective tissue for the Occupy movement, uniting increasingly dispersed organizing efforts around a common problem (debt) as opposed to a common tactic (occupation)," the article says.

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