Jere Downs the American journalist and business writer has published an article in the Courier Journal titled ‘New York nonprofit buys and forgives more than $1 million in Louisville medical debt’. Downs states “A New York-based nonprofit says it has bought up more than $1 million in medical debts owed by more than 1,000 people in the Louisville area, as part of a protest of the credit industry. The Rolling Jubilee Fund, founded by Occupy Wall Street protesters, said it has forgiven the debts, which ranged from $25.50 to $8,790 — so they no longer have to be paid. “We believe that no one should have to go into debt for the basic things in our lives, like healthcare, housing and education,” said Thomas Gokey, the organization's vice president. The goal of the project, which began last fall, is to “to buy and abolish personal debt,” said Gokey, who argues there is a double standard with debt — Wall Street banks that owe billions of dollars are bailed out, while “the same options are not available for the 99 percent.” The Rolling Jubilee said it used donations from people sympathetic to their cause to purchase the debt, which was owed to local doctors and then sold on the credit market after the doctors were unable to collect. The group said it bought the debt from a debt broker and a collection agency in the Louisville area. …Medical debt is the leading cause of personal bankruptcy, according to a study by Harvard University Law School. An estimated 17 percent of Kentucky residents have no medical insurance, including Medicaid, according to the Center for Business & Economic Research at the University of Kentucky. ……Health care costs are “such a disaster, a personal and individual disaster for so many Kentuckians and people in Indiana,” Adams said, adding the Rolling Jubilee Fund “is truly a wonderful thing.”  Inspired by Jere Downs, Courier Journal ow.ly/kuIxy Image source Twitter ow.ly/kuIx8 Protest of the credit industry (May 26 2013)

 

Jere Downs the American journalist and business writer has published an article in the Courier Journal titled ‘New York nonprofit buys and forgives more than $1 million in Louisville medical debt’. Downs states “A New York-based nonprofit says it has bought up more than $1 million in medical debts owed by more than 1,000 people in the Louisville area, as part of a protest of the credit industry. The Rolling Jubilee Fund, founded by Occupy Wall Street protesters, said it has forgiven the debts, which ranged from $25.50 to $8,790 — so they no longer have to be paid. “We believe that no one should have to go into debt for the basic things in our lives, like healthcare, housing and education,” said Thomas Gokey, the organization’s vice president. The goal of the project, which began last fall, is to “to buy and abolish personal debt,” said Gokey, who argues there is a double standard with debt — Wall Street banks that owe billions of dollars are bailed out, while “the same options are not available for the 99 percent.” The Rolling Jubilee said it used donations from people sympathetic to their cause to purchase the debt, which was owed to local doctors and then sold on the credit market after the doctors were unable to collect. The group said it bought the debt from a debt broker and a collection agency in the Louisville area. …Medical debt is the leading cause of personal bankruptcy, according to a study by Harvard University Law School. An estimated 17 percent of Kentucky residents have no medical insurance, including Medicaid, according to the Center for Business & Economic Research at the University of Kentucky. ……Health care costs are “such a disaster, a personal and individual disaster for so many Kentuckians and people in Indiana,” Adams said, adding the Rolling Jubilee Fund “is truly a wonderful thing.”

 

Inspired by Jere Downs, Courier Journal ow.ly/kuIxy Image source Twitter ow.ly/kuIx8