Non-profit buys, forgives debt for 1,000+ - Tri-State News, Weather & Sports

Non-profit buys, forgives debt for 1,000+

A New York-based non-profit founded by Occupy Wall Street protestors has taken care of more than $1 million in medical debts owed by more than 1,000 people in the Louisville area.
The Rolling Jubilee Fund says it purchased and then forgave debts ranging from about $25 to more than $8,000.
The Courier-Journal ( ) reported Thursday that the fund took the action as part of a protest of the credit industry.
The project began last fall. Rolling Jubille says it uses donations to purchase debt owed to local doctors and sold on the credit market when the doctors could not collect.
Businesses that can't collect debts often sell them to debt collectors for pennies on the dollar.
The group spent $22,000 to retire the debt.
Information from: The Courier-Journal,

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