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Podcast: The New Yorker Radio Hour Extras
Episode: How to Buy Forgiveness from Medical Debt
Description: Nearly one in ten Americans owe significant medical debt, a burden that can become crippling as living costs and interest rates rise. Over the past decade, a nonprofit called RIP Medical Debt has designed a novel approach to chip away at this problem. The organization solicits donations to purchase portfolios of medical debt on the debt market, where the debt trades at steeply discounted prices. Then, instead of attempting to collect on it as a normal buyer would, they forgive the debt. The staff writer Sheelah Kolhatkar reports on one North Carolina church that partnered with RIP Medical Debt...