Current Events > Democrat Governors are buying up medical debt to cancel it.

(+) Yeah! (+)

So far New Jersey, Connecticut, and now Arizona governors are using federal funds to buy billions of dollars in debt to cancel it.

https://twitter.com/MorePerfectUS/status/1764756391699611986

John Oliver can anyone can

This is a wonderful thing.

How long until Republican politicians complain about this.

If only there was some kind of system put in place on a national level that did this kind of thing so that no one had medical debt

Umbreon posted...

This is a wonderful thing.

How long until Republican politicians complain about this.

I am sure they will sue to stop it just like cancelled student debt

I remember some charities did the same for my friend.

Good on AZ on getting Hobbs, and not Lake.

Also their AG who won like by 100 votes is also suing some apartment/landlords in Phoenix for illegal rent hikes(Which I was under one of those apartments at that time). Hopefully I'll get some money if AZ wins. >_>

https://gamefaqs.gamespot.com/a/forum/d/dbff2b09.jpg

Good.

Man suburban white people gonna be pissed about this

This is a great start. Drive it home by pressuring Congress.

rideshort posted...

This is a great start. Drive it home by pressuring Congress.

until dems hold congress maga congress isnt gonna do shit

rideshort posted...

This is a great start. Drive it home by pressuring Congress.

For now, Democrats can continue doing this in blue states.

Does buying up debt mean that the government is paying full price from health providers?
I have concerns that canceling debt is only putting more tax money into the hands of service providers who over-charge for basically anything medically related.

If however, we are getting a deal on the debt -- such as buying up debt at 50 cents off the dollar, then this is something that's worth supporting as cost-efficient.

lydiaquayle posted...

Does buying up debt mean that the government is paying full price from health providers?
I have concerns that canceling debt is only putting more tax money into the hands of service providers who over-charge for basically anything medically related.

If however, we are getting a deal on the debt -- such as buying up debt at 50 cents off the dollar, then this is something that's worth supporting as cost-efficient.

They're buying the debt for pennies on the dollar. John Oliver did this a few years back, he bought a few million in debt for like 20k or something.

According to Oliver, soon after its creation, Carp was offered a portfolio of medical debt worth $14,922,261.76 at a cost of less than half a cent on a dollar, which is less than $60,000

hopefully minnesota gets on this and i can finally stop getting calls about that ambulance bill

That's fucking awesome, this debt is cheap when you have funds but crippling for the average person. A small state expenditure can help so many

Why can't I just buy my own debt for pennies on the dollar?

JoeDangIt posted...

Why can't I just buy my own debt for pennies on the dollar?

You probably have to buy in bulk

MC_BatCommander posted...

You probably have to buy in bulk

This

I don't understand. This makes no sense. We should be burying people in infinite debt, not cancelling it. Who benefits? There is always someone who needs to benefit. This is ruining America. People need to be jailed for doing this. This is the single greatest threat to our democracy I have ever seen.

(I am of course not being serious but there will be those with these feelings and who hold them genuinely)

LinkDaLunatic posted...

I don't understand. This makes no sense. We should be burying people in infinite debt, not cancelling it. Who benefits? There is always someone who needs to benefit. This is ruining America. People need to be jailed for doing this. This is the single greatest threat to our democracy I have ever seen.

(I am of course not being serious but there will be those with these feelings and who hold them genuinely)

Marjorie Taylor Greene would like to hire you to be her speech writer.

ClayGuida posted...

They're buying the debt for pennies on the dollar. John Oliver did this a few years back, he bought a few million in debt for like 20k or something.

Nice, that's fucking awesome.

JoeDangIt posted...

Why can't I just buy my own debt for pennies on the dollar?

Technically, you often can. Many collection agencies are often willing to take 20-70% off if you work with them.

The state inked a contract with RIP Medical Debt, a nonprofit that will find and buy debt held by collection agencies, medical providers and hospitals using the grant dollars. The money is from the 2021 American Rescue Plan Act.

....

The debt can sometimes be purchased for pennies on the dollar, meaning that $30 million could erase $1.5 billion to $2 billion in debt, said Jeff Smedsrud, a board member at RIP Medical Debt who lives in Scottsdale.

Hell yeah. And don't forget that the American rescue plan is a Biden admin legislature.

Elections have consequences.

And some people think voting blue is a waste of time.

Excellent!

Next, abolish the idea of medical debt and give us a health care system like all other developed nations.

This is really cool! I didn't even know about John Oliver's CARP. Are there ways to donate to groups that do this?

This should be a rallying cry for Democrats since it's clear they're actually willing to govern and help unlike Republicans.

A huge part of me regrets leaving New Jersey for Texas

Rad

CADE_FOSTER posted...

Last Week Tonight spent about $50 to create a debt-acquisition company in Mississippi. The corporations name is Central Asset Recovery Professionals Inc also known as Carp. According to Oliver, soon after its creation, Carp was offered a portfolio of medical debt worth $14,922,261.76 at a cost of less than half a cent on a dollar, which is less than $60,000.

look how easy and cheap it is anyone that had money could do it

i do not understand how that works at all, but good on him

ROBANN_88 posted...

i do not understand how that works at all, but good on him

Which part? Making the company, or buying up the debt?

As far as making the company, it's just a matter of picking a name and filing the Inc.

As far as buying up the debt, there are hospitals and insurance companies that "sell" their debt to these companies. Basically, they have 100 "customers" that own them X amount of dollars that they just aren't paying. Instead of ragging these 100 people over and over, they "sell" the debt to a collection company for fractions of what is owed. They would rather get some of the money back than continue to hound people for money they know they'll never get.

So then the collection company does the hounding. They bought $10k in debt for $2k. They'll then call the individual and say "Hey, instead of owing the insurance company 10 grand, you now only owe us $4k." Individual is happy becasue they owe $6k less than before. Collection company is happy becasue they made $2k in profit, and the insurance company is happy because they have $2k that they felt they were never going to get from the original customer.

John Oliver did this, but instead of buying up the debt for the sake of collecting less from the end customer, he just told the end customer they don't owe anything anymore.

NJ proving to secretly be the best state once again

I love cancel culture

bigblu89 posted...

they "sell" the debt to a collection company for fractions of what is owed. They would rather get some of the money back than continue to hound people for money they know they'll never get.

yeah, that was the part i had trouble understanding. thank you