Wall Street was rescued by the federal government. Why not bail-out ordinary Americans who are overwhelmed with debt? An organization called Rolling Jubilee is behind this effort.
Definitely an advantage to those who are truly in need, and a threat to those who don't believe in helping those less fortunate. There is a lot of negligent behavior with these major credit card companies who distribute their products to those who cannot commit to a revolving debt (students). There are also those who believe that this is one of those "you've made your bed, now lay in it" type of scenarios but without the proper education of debt and money managing how are these individuals ever able to adapt. There are several problems with this program I can foresee happening though. First, unless monitored correctly, they will buy a debt from someone who has the temptations of re instituting a new debt, and second buying up debt from those who may have the means of re paying but choose not to. i.e. "the wealthy lady in the food stamp line." If applied correctly and restricted to those who are truly in need of a helping hand, this program could be a good start in alleviating the massive public debt.
Definitely an advantage to those who are truly in need, and a threat to those who don't believe in helping those less fortunate. There is a lot of negligent behavior with these major credit card companies who distribute their products to those who cannot commit to a revolving debt (students). There are also those who believe that this is one of those "you've made your bed, now lay in it" type of scenarios but without the proper education of debt and money managing how are these individuals ever able to adapt. There are several problems with this program I can foresee happening though. First, unless monitored correctly, they will buy a debt from someone who has the temptations of re instituting a new debt, and second buying up debt from those who may have the means of re paying but choose not to. i.e. "the wealthy lady in the food stamp line." If applied correctly and restricted to those who are truly in need of a helping hand, this program could be a good start in alleviating the massive public debt.
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