Mastodawn

JeSuisUnHombre Nov 29, 2024

Should I start paying my student loans again?

Should I start paying my student loans again? - lemm.ee

I, like many and hopefully some of y’all, stopped paying my student loans during Covid and never restarted paying because we’re supposed to have gotten relief from this debt that should’ve never existed in the first place. Now we have Trump coming back which kills the possibility of debt relief. So should I start repaying so I don’t get my wages garnished? Or do we think the government is going to be too inefficient to come after it?

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lowdude Nov 29, 2024

An interesting essay I read at some point: bitsaboutmoney.com/…/the-waste-stream-of-consumer…

Especially the following sentence:

This effectively makes paying consumer debts basically optional in the United States, contingent on one being sufficiently organized and informed.

Now, I don’t know how risky that would be and whether it also applies to student debt, but the system seems to be pretty wild, to say the least.

Credit card debt collection

Credit card debt is the waste stream of consumer finance. The debt collection industry ends up being sordid, for complex structural and microeconomic reasons.

Bits about Money

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hedgehogging_the_bed Nov 29, 2024

This would not be effective for student loan debt because it’s still non-dischargable, unlike consumer debt.

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lowdude

You are correct, while rereading I also noticed that the essay is specifically talking about consumer debt. And for that it would probably not be helpful to ruin credit scores over a few hundred dollars, if one ever wanted to finance a house or something like that later in their life.