Rolling Jubilee – Abolished 13.5 Million in Debt

Rolling Jubilee, is a fund raising organization that though donations raises money and then buys debt from banks; just like 3rd party debt collectors.  Thus, they are able to purchase debt around 5 cents on the dollars.  Meaning they can buy 1 million in debt for 50 Thousand at 5% buy back.  More details below.

http://strikedebt.org/rjupdate3/

Advertisements

2 thoughts on “Rolling Jubilee – Abolished 13.5 Million in Debt

    • I just asked a friend who actually owns a debt collection company ( don’t condone myself), and he told me that he does not pay tax on the principal (full amount). Personally I do not think you pay taxes on it at all. Debt is not something you can tax. The company doesn’t gift the $ to the people they pay their accounts off, thus no tax is paid; cause their is no gain/profit.
      Thank you for the comment though
      All The Best
      Jamil

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s