I think that'd be hard in practice since the article mentioned that they're sold in bulk. Sending offers to everyone in a package would be difficult.
But I wonder if it could be possible to crowd fund something like this, or have a non-profit that just buys cheap debts like this and forgives them all? Idk what that would cost, but it could help shrink the shady debt collector industry a little.
Forgiven debt counts as income. There's some messing you can do with it, like I think one of the latenite hosts did with some student debt.
The whole sold-in-bulk thing I could see being 'remedied' by having some sort of federal clearinghouse that each item of debt has to pass through. Though, that'd probably get fought tooth and nail so money-men can pull subprime-shenanigans.
Comments
I think that'd be hard in practice since the article mentioned that they're sold in bulk. Sending offers to everyone in a package would be difficult.
But I wonder if it could be possible to crowd fund something like this, or have a non-profit that just buys cheap debts like this and forgives them all? Idk what that would cost, but it could help shrink the shady debt collector industry a little.
Forgiven debt counts as income. There's some messing you can do with it, like I think one of the latenite hosts did with some student debt.
The whole sold-in-bulk thing I could see being 'remedied' by having some sort of federal clearinghouse that each item of debt has to pass through. Though, that'd probably get fought tooth and nail so money-men can pull subprime-shenanigans.