Is it a good idea to help those struggling with debt? I read an article about a famous actor from Wales. He bought the debt from his community at a discount to help his community overcome the challenge of credit card debt. If you didn’t know, credit cards will sell bad debt at a discount so that someone else has the cost and burden of trying to collect. They often buy debt for around 10% of what is owed. In this instance the actor bought over a million pounds of debt for around $130,000. He felt it was too hard for people who are using credit cards to heat their home, or buy food, and he wants to help them. In America there is at least one church that buys medical debt. Its the same idea only instead of paying off credit card debt they pay off medical debt. The biggest difference is that medical debt is not something people have in the UK (I don’t think, I’m no expert). I love the idea of a hand up. Often it takes much less than you would imagine to re...
The road to an intentional life.