By now, you may have heard of John Oliver's grand gesture. Via HBO and his television show Last Week Tonight, Oliver formed a debt-buying company naming it Central Asset Recovery Professionals (CARP), and purchasing $15 million in medical debt through the business.
Having overwhelming debt can become a nightmare. More people than you imagine can suffer a financial reversal, ranging from a job loss or a downgrade or a health crisis that results in massive medical bills.
Since the 2008 housing market crash, the US has seen a tremendous surge in home foreclosures. People could no longer afford their homes for a variety of reasons, often through no fault of their own. While some people had simply gotten in over their heads with their mortgages, others experienced financial hardship due job loss, medical expenses, or other personal disasters.