STRIKE CONSUMER DEBT

The Debt Resistors Operations Manual, published as a PDF file by the Strike Debt website offers information mainly known to consumer advocates, but perhaps not widely known to those struggling with abusive collection tactics of credit debt buyers or those who feel the only option is personal bankruptcy.

The Strike Debt group has landed on a perhaps genius idea:  to buy old debt for pennies on the dollar the same way that large debt collection agencies (aka junk debt buyers)  like Asset Acceptance Corporation and ASTA Funding.  Once the debt is purchased, this group is raising funds through its Rolling Jubilee Fund to pay off bundles of individual debt--called a bailout for the people for the people.  See this website for a complete explanation of how this works and, if the idea takes hold, could make a serious dent in the enormous profits made by collection companies who are making millions by purchasing old debt for almost nothing, then collecting whatever they can from debtors.  [Note:  this is not an opportunity for an individual to have his/her debt paid directly.  The Fund will buy a group of debts bundled together in the same way that the collection companies purchase hundreds or thousands of accounts bundled together and valued well below the face amount of the aggregate debt.]

Much can be said for the obligation to pay one's own debt.  Much more can be said about predatory collection companies who use scurrilous tactics, violate existing law by re-aging debt in order to keep on-going collection attempts well past what the law allows and suing or threatening to sue on time barred debt.  For one small example see:
Federal Trade Commission action against Asset Acceptance Corp.