Strike Debt, an offshoot of the Occupy movement, recently launched a project called the Rolling Jubilee, which has raised over $350K as I write; the money will be used to buy, and then forgive, around $7 million worth of distressed medical debt. That's what a "jubilee" meant, in Old Testament times: a period for cancelling debts, and for the manumission of slaves, that came around every five decades: "And ye shall hallow the fiftieth year, and proclaim liberty throughout all the land unto all the inhabitants thereof: it shall be a jubile unto you; and ye shall return every man unto his possession, and ye shall return every [...]
"OWS is going to start buying distressed debt (medical bills, student loans, etc.) in order to forgive it. As a test run, we spent $500, which bought $14,000 of distressed debt. We then ERASED THAT DEBT." It's the Rolling Jubilee! There are some tricky issues with this as a program but guess what? TECHNICALLY, it actually works.