Covering Kentucky

Apr 25, 2013 5:47 PM

Non-Profit Buys, Forgives Debt For Over 1,000 In Louisville

LOUISVILLE (AP) - A New York-based non-profit founded by Occupy Wall Street protestors has taken care of more than $1 million in medical debts owed by more than 1,000 people in the Louisville area.

The Rolling Jubilee Fund says it purchased and then forgave debts ranging from about $25 to more than $8,000.

The Courier-Journal reported Thursday that the fund took the action as part of a protest of the credit industry.

The project began last fall. Rolling Jubille says it uses donations to purchase debt owed to local doctors and sold on the credit market when the doctors could not collect.

Businesses that can't collect debts often sell them to debt collectors for pennies on the dollar.

The group spent $22,000 to retire the debt.

(Copyright 2013 The Associated Press. All rights reserved.)

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