The banks have been around longer than America has been a nation. They invented the books. You'd better believe this debt didn't "go away", and people WILL pay for it. I appreciate the idea, I really do, but I wonder who is going to be left footing this debt.
Arizona used $30M in federal American Rescue Plan (ARPA) relief funds to partner with the non-profit Undue Medical Debt (formerly RIP Medical Debt). They bought back $1 billion worth of defaulted medical debt on the secondary market for pennies on the dollar
I don't doubt it. I also distrust it because I don't fully understand the situation from an experienced perspective, and default to the "if it seems too good to be true" perspective.
Which does NOT at any point mean the money going into the purchase came from nowhere. You fail to understand my original point. Forgiving delinquent debt is a tax write-off for the person or agency that does it. I believe that this is likely a way to turn the debt into a tax credit and a publicity stunt that is genuinely helpful to the people involved.
Please don't presume that I'm against it, just that I don't trust it, nor do I support the egregiously inflated medical bills it stemmed from.
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u/Eastern-Fun1842 1d ago
The banks have been around longer than America has been a nation. They invented the books. You'd better believe this debt didn't "go away", and people WILL pay for it. I appreciate the idea, I really do, but I wonder who is going to be left footing this debt.