Startup Idea : Crowd Funding Debt Relief

If everyone in the world contributed $1 a month to a fund, that's approximately $7 Billion a month. But I'm not talking about the world's population, that was just an example. As many as possible is a great place to start with. I envision a world that is debt free. With the world's debt crisis reaching epic proportions, a system needs to be put in place to give everyone one last chance at a debt free life. If as many people as possible signed up for such a system, and contributed $1 a month, with members of this system receiving a once off bulk payout (towards their debt provider) every month, this world will be a better place to live in for many people. This is just an idea to start. Of course it can be built upon. I can take the initiative to start. Complete transparency and member votes / discussions / opinions etc will be key. What do you think? Shall we start such a crowdfunded initiative?