Student loan debt (pay, taxes, debts, rates)

[dscotto183]

So I have about 86K in private student loan debt serviced by AES which i pay roughly $1k a month on. I have about $25K worth of credit card debt with fairly high interest rates that i'm trying to pay off as well. I feel like i'm not getting very far with either. So i was thinking that I would stop paying my student loan for the next 6 month so that I can pay off all of my credit card debt, which i estimate to have paid off by the end of the year if I also use the $1K from not paying my student loan. Then once the CC's are paid then I can make very high payments towards my student loans and have that all paid off in about 4 years. From what i understand I have about 120 days before my loan will go into default, until then it will be delinquent. I do not want the loans to go into default because i know how bad that will be. Has anyone done something like this before, let their loans go into delinquency for 6 months or so and then start paying again? Was there any terrible consequences from doing this?

[Threestep2]

And you are putting in a pool and going back to school for a career change?

[skaternum]

I was going to ask the same question. Maybe just skip the in ground pool and pay your debts?? Because responsibility.

[Thatsright19]

Originally Posted by Threestep

And you are putting in a pool and going back to school for a career change?

Lol!

I’d probably install a hot tub too outside the pool. It’s nice to have another relaxation option when those pesky student loans have you feeling stressed.

Or you could move to another country and raise chickens like the other student loan thread.

[LakeLifePA]

Here's what's likely to happen with your plan OP. As your credit gets destroyed when the AES starts reporting your student loan payments as late, your credit rating will drop like a stone. The credit card companies routinely soft pull your credit rating and will take note and at the same time will increase your already high interest rates on your cards to astronomical levels. Now your plan to infuse $6k over those same six months towards your $25k will be much less effective, and you'll be left with years of poor credit that will not help your cause.

I suggest you start working with your credit card companies and ask for an interest reduction before your credit hits the crapper (if it hasn't already). You may also want to talk to your student loan provider and see if you can defer for a short time to get ahead of your credit cards instead of just stopping payment.

I also suggest you join a finance forum and learn all you can. This is not the place to do that. MyFico offers a great forum with very knowledgeable people that can steer you in the right direction. Also, if you don't know your credit ratings, you should educate yourself as soon as you can.

Good luck.

[wheelsup]

This must be a troll lol.

$33k inground pool install
$10k bathroom reno
Leases cars
Lives on LI, just bought a house last year, property taxes!!!
$25k cc debt
$86k student loan debt

Also wants to go back to school and do a career change

God bless America!

[numsgal]

Thank you to those who pointed out the poster's history.

[Thatsright19]

Trolls AND scammers?

[SWFL_Native]

Originally Posted by skaternum

I was going to ask the same question. Maybe just skip the in ground pool and pay your debts?? Because responsibility.

sofa king this


/ thread

[Tencent]

It's risky but it's possible to come back from a D120, I was on the brink but that was back in 2013 when a large portion of borrowers were in the same situation so they were flexible about it then. Not sure about now.

It would be largely unchartered territory. Not sure how AES operates when it comes to private (I only have fed with them).
However, what you should do is focus on making more money. 90% of the reason I hustled so hard in my first 10 years out of school was to catch up with the required loan payment amounts.