"A group of Occupy Wall Street activists" bought almost $15 million of
Americans' personal debt. Then, they "send notes to their debtors “telling them they’re off the hook”. http://tinyurl.com/pwzxjdp
How much did they pay for this $15 million of debt? Just $400,000 or 2.5%
When creditors can't collect from debtors they frequently sell the debt to debt buyers who then try to collect the full amount. So, instead of debt buyers badgering debtors to collect $14 million, this debt is forgiven.
Is debt buying a big industry? $143 Billion! And the Federal Trade Commission says the structure and practices of the debt buying industry need a lot of reform: See the January 2013 report: The Structure and Practices of the Debt Buying Industry.
These lucky debtors are off the hook but many more Americans will be hearing from the real debt buyers: phone calls and lawsuits.
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