Debtless will purchase and discharge $25 million worth of predatory debt for the benefit of borrowers, restoring the financial freedom of more than 20,000 people across the U.S.
The predatory debt industry profits off of keeping people in perpetual cycles of debt, and to date, the amount of consumer debt in the U.S. has risen to over $17.5 TRILLION. Millions of people take out loans everyday to increase their quality of life - whether that means buying a home, getting an education, or simply putting food on the table - but often lenders use deceitful tactics to prey on borrowers.
Debtless uses the same loopholes as debt collectors for good-purchasing debt off the secondary market and discharging it for the benefit of borrowers instead of harassment. Debt cancellation is the most effective way to combat predatory lending and restore financial freedom to the communities that need it most. This looks like millions of dollars in debt wiped away, giving people a fighting chance at manageable finances, better credit scores, and - all-in-all - a better quality of life.
We strategically cancel debt that has the largest impact on marginalized communities in the U.S., so our efforts will help facilitate economic growth in Black and Brown communities as well as closing both racial and gender gaps in the U.S. Debt cancellation eliminates the disproportionate burden debt has on women and BIPOC and restores financial freedoms - such as the ability to purchase day-to-day necessities - that stimulate the economy and create a better quality of life for all Americans.
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