Prompt Cast
The Rolling Jubilee: Buying and Forgiving Consumer Debt in the United States
TLDR The Rolling Jubilee is an organization that buys and forgives consumer debt in the United States, aiming to relieve individuals of their financial burdens. By purchasing debt packages from banks and forgiving the debt, they have raised over $700,000 and forgiven $32 million in debt, although critics argue that they are still supporting predatory lending practices.
Timestamped Summary
00:00
The podcast episode titled "How the Rolling Jubilee Works" discusses the issue of consumer debt in the United States, which is a significant problem with a total debt of $12.73 trillion.
05:13
Consumer debt in the United States is a significant problem, with a total debt of $12.73 trillion, including credit cards, mortgages, car loans, medical bills, and student loans, but the Rolling Jubilee aims to buy and forgive debt rather than collect on it.
10:12
The Rolling Jubilee is an organization that buys and forgives debt in order to relieve individuals of their financial burdens.
15:08
The concept of Jubilee comes from the Bible and refers to a time when all debts were forgiven and people's land and possessions were restored.
20:31
The Rolling Jubilee is an ongoing effort to buy and forgive people's debt, which originated from the existence of a secondary consumer debt market where banks sell delinquent accounts for a tax deduction.
25:03
Banks bundle delinquent accounts into portfolios and sell them for pennies on the dollar, allowing debt buyers to collect on a portion of the debts at a lower value.
29:40
The Rolling Jubilee purchases debt packages and forgives the debt, regardless of whether the individuals in the portfolio deserve it or not.
34:06
The Rolling Jubilee initially had to rely on people on the inside to buy debt for them, but they were surprised to find that the debt industry was willing to sell to them without questioning their intentions.
39:02
The Rolling Jubilee has raised over $700,000 and forgiven $32 million in debt, but critics argue that by contributing money to the banking industry, they are still supporting the predatory lending practices they are trying to abolish.
44:08
The Rolling Jubilee works by individuals going directly to companies with bad debts on their books and buying the debts from them, and so far, no one has received a tax bill for their debt being abolished.
49:23
No relevant information or content in this section.
Categories:
Society & Culture
