The Rolling Jubilee
Remember Occupy Wall Street? If you think the movement has fizzled, you’re mistaken. Rather Occupy Wall Street has sort of splintered into many and more tightly focused mini-movements. One such movement is The Rolling Jubilee, a project of Strike Debt!, which is “a nationwide movement of debt resistors fighting for economic justice and democratic freedom.”
What’s The Rolling Jubilee?
The folks behind The Rolling Jubilee (RJ) believe that debt is used by the wealthy and powerful to keep the rest of us in financial chains. Well, that’s my interpretation. Here’s the organization’s explanation from its website and a video.
Americans’ Debt Statistics
The Rolling Jubilee’s website depicts some startling—even to me—debt statistics about Americans:
Can You Ask The Rolling Jubilee to Abolish Your Debt?
The batches of past due debt that The Rolling Jubilee buys are owed by debtors who are anonymous to RJ at the time of debt purchase. You can’t make a plea to RJ for help with your debt.
How The Rolling Jubilee Operates
The people behind RJ are particularly incensed by medical debt. As shown in the statistics above, a big majority of U.S. personal bankruptcies are tied to medical debt.
(I agree with RJ that medical debt is especially odious. If I can get on my soapbox for a moment: a system in which 1) people do not qualify for or can’t afford health insurance, 2) get ill or injured and can’t pay for treatment, then 3) have their credit ruined as their medical debt becomes past due, is totally unconscionable. And many more who don’t have health insurance—or their insurance company refuses to pay—avoid bankruptcy only by consuming the family retirement fund in a good faith effort to repay medical debt, dooming themselves to poverty for the remainder of their lives, only because they got ill or injured. Again, the whole system is unconscionable, in my opinion. Okay, stepping off the soapbox now…)
Past due debt is eventually charged off by the original party—a hospital, Capital One, Sears—and sold in batches on a secondary market, typically to debt collection firms. The Rolling Jubilee buys ANONYMOUS batches of past due medical debt. But instead of seeking to collect the debt, RJ “abolishes” it, making “a tax-free gift to the people whose debt it is abolishing.”
How Much Debt Has The Rolling Jubilee Abolished?
Beginning with a roughly $100,000 “debt buy” in November 2011, The Rolling Jubilee has abolished nearly $15,000,000 of medical debt through four debt buys. The most recent debt buy—in May 2013—was by far the largest, erasing 1,919 individual debts. The stats on that buy are below. (This is a screenshot, so the links aren’t clickable. Go here to see the real thing.)
Volunteers manage The Rolling Jubilee, and its website says “100% of the money raised goes to the process of buying and abolishing debt (a process that includes some associated costs such as paperwork, accounting, and legal fees)”. In other words, a $100 donation to RJ doesn’t translate to $100 in abolished debt. I searched a bit on RJ’s website to learn the ratio of debt abolished to money raised but couldn’t find it. I and I’m sure Money Counselor’s readers would be interested to know this ratio if anyone from RJ would like to make a comment below.
What Do You Think?
Are you supportive of The Rolling Jubilee’s work? Would you consider a donation? (Just a question, not a solicitation.)