The Daily Show alum explains how predatory and aggressive debt buying companies are, but the long and short of it is this: with very little federal or state oversight, companies buy up people's old debts for pennies on the dollar, and then incessantly contact those people and harass them, turning their lives upside down while looking for a payout.
That's not fair, and it's not the right way to do business, but with no government regulations surrounding it, well, nobody really cares to help the poor consumers who are in debt and being harassed… well, until John came around, that is!
The HBO host decided to start a debt-buying company of his own — which, as he describes on the video, was absurdly easy to do — and almost immediately, he was offered $15 million in medical debts from Texas consumers.
Paying pennies on the dollar for it, Oliver decided that instead of being a horrible, aggressive debt collection company, he should do something good with the debts, so he forgave them…
That's right, every single penny of the $14,922,261.76 his debt-buying company had purchased!!
That means he literally just put together the single biggest giveaway in the history of television — about $7 million more than what Oprah Winfrey gave away when she infamously decided everybody in her daytime talk show audience was going to go home with a new car!!
It's a long clip, but the lead-up is soooo good — ch-ch-check out Oliver's entire segment on debt-buying and his major giveaway (below)!!!
What a positive and important way to set TV history, too!