Strike Debt, a product of the Occupy Wall Street movement, is introducing an atypical fundraising effort titled Rolling Jubilee, which could very well mean the complete disappearance of debt for a few fortunate individuals. The group buys people’s accrued debt, including outstanding medical bills and student loans, and instead of collecting on them, eliminates them completely. It’s the godfather of all fairy godmother ideas.

NYU students are all too familiar with the scope of this debt problem. Every year, we are faced with an ever-growing mountain of tuition bills, so a group willing to put on the harness and scale up the peak on behalf of others is a welcome sight to many.

Debt forgiveness on a large scale is a noble goal, however, this is just a modicum of what is required to affect change. While the practice of buying up third-party debt and simply forgiving it is a virtuous act in theory, the idealism of it is inevitably trounced by the ineffectual practicality of such an endeavor.

The intentions reflect a popular sentiment that nobody who wants an education, requires medical care or falls victim to deceitful financial practices should be crushed by the weight of their impending budget shortage. But a sentiment requires direct action to make a difference. Strike Debt’s debt-forgiving plan does not seem up to the task of performing a large-scale venture for millions of Americans.

We should understand the movement not as a practical solution but as a criticism of our society’s debt-based economy. Forgiving debt stands out when most third-party organizations buy it as a way to profit from consumer struggles. Strike Debt’s actions push back against predatory practices in the institutional world, providing a safeguard against greed in finance, education and health care.

This movement, therefore, stands as just one initiative in the greater scope of the Occupy movement. If anything, we can hope that striking debt will raise the profile of a system bent on the well-being of their bank accounts over their consumers. As such, it can be one small step towards alleviating the economic pitfalls of an unsustainable status quo.

A version of this article appeared in the Monday, Nov. 26 print edition. Email the WSN Editorial Board at [email protected].