This is a question I've always had about the debt industry...
How hard would it be for consumers (or through a proxy) to seek out and buy their own debt? You mention in another comment that medical debt (for example) could go for pennies on the dollar.
If I'm hundreds of thousands of dollars in medical debt (as many people are), it seems like this would be well worth the effort. Is it possible to locate a particular debt for purchase in this way?
A second question I've always wondered about: is it feasible to start a company dedicated to buying debt and forgiving it, and taking donations to cover the costs (possibly even turning a profit)? Given the ratios involved this feels way more effective then (e.g) the GoFundMe model of financing emergency costs.
How hard would it be for consumers (or through a proxy) to seek out and buy their own debt? You mention in another comment that medical debt (for example) could go for pennies on the dollar.
If I'm hundreds of thousands of dollars in medical debt (as many people are), it seems like this would be well worth the effort. Is it possible to locate a particular debt for purchase in this way?
A second question I've always wondered about: is it feasible to start a company dedicated to buying debt and forgiving it, and taking donations to cover the costs (possibly even turning a profit)? Given the ratios involved this feels way more effective then (e.g) the GoFundMe model of financing emergency costs.