Debtless, NFP

Did you know that debt is predatory? And did you know the solution is actually pretty simple? When we say, "debt is predatory" we're talking about loan servicers who deceive people pursuing a higher education, banks who hide fees from people hoping to own a home, and payday lenders imposing triple digit interest rates on someone just trying to put food on the table. Millions of people, through no fault of their own, are crushed under the weight of predatory debt everyday because the system is designed to do just that. Debtless was designed to do something about it. Take a look at your friends, your family, and your peers - who among them haven't felt the weight of preda... read more Did you know that debt is predatory? And did you know the solution is actually pretty simple? When we say, "debt is predatory" we're talking about loan servicers who deceive people pursuing a higher education, banks who hide fees from people hoping to own a home, and payday lenders imposing triple digit interest rates on someone just trying to put food on the table. Millions of people, through no fault of their own, are crushed under the weight of predatory debt everyday because the system is designed to do just that. Debtless was designed to do something about it. Take a look at your friends, your family, and your peers - who among them haven't felt the weight of predatory debt in one way or another? That's how consumer debt has grown into a $17 trillion crisis. Debt shouldn't be the price to pay for simply existing. Every dollar of predatory debt canceled is a dollar closer to restoring the financial freedoms that should be a right. Since 2020, more than 23,000 people have benefited from over $25 million in debt cancellation through our program. We don't require our beneficiaries to fill out an application or meet a laundry list of eligibility requirements - debt cancellation for all is integral to our mission, so we discharge all debt, no matter what type, for as many borrowers as we can. Our mission at Debtless isn't just to provide debt relief, it's to disrupt the predatory debt industry entirely through direct debt cancellation, financial education, and advocacy. We use the same loopholes that debt collectors do to purchase debt off the secondary market for pennies on the dollar. But instead of using predatory tactics and intimidating borrowers into making payments, we purchase debt for the sole purpose of discharging it all for the benefit of thousands (and hopefully one day, millions!) of borrowers. Currently, around 340 million people have some form of outstanding debt in the U.S. That's 77 percent of the U.S. population and every last one of those people deserve to be financially free. Debt impacts the health and well-being of millions - not only as a result of the crushing weight of medical debt, but because any type of financial hardship creates both mental and physical strain. That's why canceling predatory debt, while ALSO promoting financial education, and advocating for progressive economic policy that tackless the root cause of debt is crucial to our mission. The predatory nature of the debt industry is systemic and works in tandem with other systems of oppression. Debt has a disproportionate impact on oppressed groups like women, LGBTQ+ communities as well as Black, Brown, and Indigenous People of Color (BIPOC). Predatory debt strips individuals of their financial freedoms and actively contributes to the widening racial and gender wealth gaps. Debtless is an entirely people of color led team, and we uplift and serve these communities in everything we do because they are OUR communities. Our goal is to restore financial freedom for all, and in order to do that, we must continue this work through an inclusive lens. The banks and corporations that prey on people every day are faceless - just names and logos on a page or on the side of a building. But the 23,000 people who have found financial relief and freedom through our programs are not. We know every single one of their names, and each one is a person applying for college, maybe trying to buy their first home, or simply putting food on the table for another week. It's time to stop investing in faceless entities that are only looking out for their bottom line, and start re-investing in people. Every debt portfolio purchased is an investment in our mission and in financial freedom for ALL.