Illustrated News
The city of amsterdam is taking over the debts of
February 3, 2020
Summary
The city of Amsterdam is taking over the debts of its young adults as part of a drive to liberate people who are struggling to get into work or education.
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Under the city’s trial project, a municipal credit bank will negotiate with creditors to buy out the debts. Those on the scheme will then be issued with a loan to repay according to their means.
Each person on the scheme will be given a coach with whom they will prepare a “guidance plan”. The city believes that young people with unstable incomes often find it near-impossible to restructure their finances and make the necessary repayments.
[https://www.theguardian.com/world/2020/jan/17/amsterdam-young-people-debt-credit-bank](https://www.theguardian.com/world/2020/jan/17/amsterdam-young-people-debt-credit-bank)