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.
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.
Source: The Guardian