This story provides incredible insight into what happens to our medical debt when we cannot pay our bills. More importantly, it is a story about 2 New Yorkers who saw an opportunity to free strangers from the fear of having unpaid medical bills sent to collections.
In short, the women raised $12,500 and sent it to the debt-forgiveness charity, which then purchased a portfolio of $1.5 million of medical debts on their behalf, for about half a penny on the dollar. Remember, when your unpaid bills are sent to collections, these collections companies are buying your debt for much less than you owe. They believe they can collect more money from the debtors than they spent... but in this instance, these 2 purchased the debt to forgive it.
This story is truly inspiring. These 2 women found a way to make a huge impact in so many lives with just over $12k. I suggest you read the entire New York Times Article here: