If you owe the bank $100 million, you own the bank.”7 Adding up household debt—or, more specifically, organizing household debtors into debtors’ unions—turns the tables: organized debtors can own the banks. The Debt CollectiveThis is the work of the Debt Collective, where we bring debtors together to turn individual economic burdens into collective power.8 How? My individual student debt might be $60,000, with monthly payments I can’t afford. The Debt Collective does not advise financial suicide—individual refusal to repay debts—but rather, coordinated and strategic campaigns of resistance: individual default is not a debt strike. EducationFor more than a decade, the Debt Collective has been helping lead the fight to cancel student debt and advance the cause of free higher education.

Source: Washington Post August 07, 2024 11:51 UTC