Which type of debt is the most crushing? (arsenal, attorney, Christmas)
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student loan is more than books and tuition,there is room and board ,should that be forgiven?
whether you are a student or non student,you still need to eat and have a roof over your head,would the government forgive some of my loan which I take out to pay for food and lodging?
I guess I just found the answer,government did and it ended just now.
Student loans will never be forgiven; that's just a talking point.
It's just not going to happen. Everyone who did pay back loans will (rightfully) go crazy. I know more than one person who had to downgrade their homes to use the equity pay off student loan debt.
Student loans will never be forgiven; that's just a talking point.
I do think student loan policy and management needs to be overhauled, though, so that people who borrow $15K don't get caught by surprise owing $60K even though they've been paying hundreds of dollars a month for a decade.
I do think student loan policy and management needs to be overhauled, though, so that people who borrow $15K don't get caught by surprise owing $60K even though they've been paying hundreds of dollars a month for a decade.
Oh FOR SURE it needs fixing. I used to have a lot and for a while thought it was like a car payment, but a super long one. When I saw how I was paying mostly just interest, that wasn’t the best night lol. It’s truly janky that the federal government literally makes it hard to get out of debt, for its own citizens trying to better themselves (and more tax revenue for govt?) by going to college.
I have no issue with people with legit disabilities getting loans discharged but otherwise no free lunch. Take out a loan, pay it back. Can I have my mortgage paid off? (Free house!)
I don't think CC debt is too bad, as long as you aren't badly overextended and you have a decent CC. I have a CC with a 9.99% interest rate. I have more than enough cash to pay the whole thing off but the interest is only $35 a month. I don't feel that is soaking me at all.
you have enough money to pay it off, but you'd rather give them $35 a month?
How much interest are you earning on the savings you would use to pay it off? If it's more than 10%, you're making money. But it's more likely less than1%.
you have enough money to pay it off, but you'd rather give them $35 a month?
How much interest are you earning on the savings you would use to pay it off? If it's more than 10%, you're making money. But it's more likely less than1%.
For now. We are trying to pay cash for a new boat. $35 is nothing for “vig” for a CC. I pay a good amount down each month anyway. That’s it for CC debt for two people between me and my husband. Husband has literally 0 CC debt.
Now, people stuck in SERIOUS credit card debt can crush them. AFAIK they can sue you can take your house, or make you liquidate other possible assets.
It may appear simplistic, but get government completely out of our lives.
Restrict government to securing rights and nothing else. (Adjudicate disputes, prosecute criminals, and defend against all enemies, foreign or domestic)
. . .
No more permissions / licenses. No grants of limited liability to corporations.
No more socialist slavery and thievery by government.
. . .
And lastly, the government's courts can no longer enforce contracts for usury (interest).
(That pretty much nails them - without gubmint protection, they're toast)
That should clear up 80-90% of the debt problem.
Student debt wins and medical debt comes in at number 2.
First glance at title thought this might be which government expenditure, which adds to debt, is the most crushing. Fast approaching $30 trillion is debt; currently at $28.6 trillion. Student defaults amount to $1.8 trillion of the $28.6 trillion (6%). Good thing student loans are still paused thru September
Don't forget student loan debt, which often cannot be discharged in bankruptcy.
Yep. School loans and IRS debt are the two most crushing because they’re not discharged in bankruptcy. With everything else, you can push the “new game” button and start from zero. A friend of mine used to have the largest personal bankruptcy firm in Connecticut before the bankruptcy law change put him out of business. It always surprised me that most of his clients were just stupid people living beyond their means and he didn’t have many medical bankruptcies. The medical ones, he just told people on the first interview to negotiate directly with the hospital and physicians. Just the threat of bankruptcy where the hospital would get nothing would usually get the bills drastically cut and zero interest payment schedules on the balance.
Student loans, by far. Spending more than what you make annually for school is ridiculous.
Even if it was legal to bankrupt a student loan, I think it's easier to just pay it back. Bankruptcy just adds on more pain.
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If only this was a poll
