4 ms·
Why is this an article? People and organizations (even banks) and governments erase debt all the time. Sometimes it's from kindness, sometimes for PR, usually
by amitport 6y ago
Why is this an article?
People and organizations (even banks) and governments erase debt all the time. Sometimes it's from kindness, sometimes for PR, usually because they're unable to collect it. You can't really tell the difference among the cases.
- hliyan 6y agoI'm a long time HN reader interested mostly in tech content, but I was happy to hear this story. Yes, it speaks to a systemic issue. Yes, there are many others doing this. This is one person basically giving up half-a-million dollars. I worry about a world where a story about that needs justification.
- throwe4234234 6y ago"We can't buildings because we ran out of inches" The whole monetary system is a joke, no not that it's evil, just that our (and govt.) attitude to it is so medieval.
- e_y_ 6y agoJohn Oliver's Last Week Tonight bought and forgave $15M of medical debt for $60k (probably deemed uncollectible) as part of a segment about the debt collection industry. And because on paper it was a bigger giveaway than Oprah's "Everybody gets a car" giveaway.
- gorgoiler 6y agoCan you buy your own debt? I assume you can’t actually buy your own debt, only buy debts in aggregate. How can a creditor have any moral claim to $1 when the note traded for 4¢? Does this give me an incentive to purposefully wait until the debt collectors show up, and then offer them 5¢?
- chordalkeyboard 6y agoyeah, you make them an offer. I've negotiated several debts. Its easy, they usually make it clear what they are willing/able to do. I paid one at 30% and one at 50%.
- Dirlewanger 6y agoHow bad did your credit score get wrecked?
- chordalkeyboard 6y agoI wasn't the type of person to record those details, sorry :)
- splaytreemap 6y agoBecause it serves as a jumping off point for people of a certain political persuasion to agitate for political change.