The folks that are so concerned about debts and deficits might want to get hip to this group- Rolling Jubilee, an offshoot of Occupy Wall Street, is buying up and retiring debt. Here's how they describe it in their FAQ...
How Does Rolling Jubilee Work?
Banks sell debt for pennies on the dollar on a shadowy speculative market of debt buyers who then turn around and try to collect the full amount from debtors. The Rolling Jubilee intervenes by buying debt, keeping it out of the hands of collectors, and then abolishing it. We’re going into this market not to make a profit but to help each other out and highlight how the predatory debt system affects our families and communities. Think of it as a bailout of the 99% by the 99%.
It's an interesting concept and, along with the work being done by Occupy Sandy (providing more on-the-ground assistance than Red Cross or govt agencies), you'd think the mainstream media might find some time to report on such grassroots efforts rather than airing more talking heads spewing about the fiscal cliff (a fiscal figment of their tiny imaginations).
Here's their website if you want to read more or donate.