Okay, let’s just all drop our collective jaws at the success of Strike Debt’s recent telethon, which raised money for a project it calls Rolling Jubilee. The group brought in a whopping $293,000 — enough, it figures, to buy $5.9 million in unpaid medical debt obligations off creditors, and thus save a lot of people from bankruptcy. (Around 62% of bankruptcies are caused by medical debts.) The group is calling it a “bailout for the 99 percent.”
Why did the fundraiser work so well? I’m sure much could be said about the organizing, skills, and determination of those running the telethon, but it also sounds like, in the words of the Village Voice, they “struck a nerve.” With the group’s origins in the Occupy movement, it tapped into Americans’ frustration at the crippling nature of debts that arose for reasons beyond their control.
Strike Debt is basically acting as the middleman to a person in need — which should be true of many nonprofits, but the link is often harder to demonstrate.
What’s more, donors are getting a “bargain” — their money doesn’t pay off another’s debt dollar for dollar, but is going to buy bad debts on the secondary market, where the creditors are typically willing to sell them off for pennies on the dollar. No wonder this one’s going viral!