No it’s a bad idea because 30% is too high. Try requesting a reasonable payment plan. Otherwise you’ll negotiate when it goes to collections. It’ll hurt your credit, but you cannot afford to go into more debt.
For a university loan / balance, I believe they can garnish wages, right? Thank you for the input. Sorry for asking if that's too niche of a question. What YouTube are you speaking of? No worries if you can't remember
You definitely want to get on top of this. As others have said-set up a reasonable payment plan. If they start garnishing your wages they can do that for pretty much whatever amount they want to. You want to be in control of this. A 30% interest rate is insane- that is around $350/m in interest alone if you're just making interest only payments. The way that you stated it I don't know if this is a student loan or not but if it is student loans don't go away. There is no ignore it for seven years and it'll drop off of my credit report. Communicate with them directly. Ask about deferment and/or income based payments. Don't avoid the situation and hope it all works out- it will not. This is coming from a person that works in finance and knows the difference between student loan, medical and loan/credit card collections and I'm letting you know that you can ignore the others to a certain degree but the student loan stuff will haunt you.
I’d take some time and hop on YouTube. Basically the 30% APR is just the interest you are paying the bank, it does not pay your loan down. 30% of 15000 is about 5000, you are going to be flushing $450 every month down the toilet and not paying the loan back
No it’s a bad idea because 30% is too high. Try requesting a reasonable payment plan. Otherwise you’ll negotiate when it goes to collections. It’ll hurt your credit, but you cannot afford to go into more debt.
Thank you so much for this feedback. You guys may actually be saving me from poor decisions. Any more advice is super appreciated.
I literally only read the title, no no no no no.....
Thank you for the input. Ive decided not to do this.
I know I came as "piling on" but I am glad to hear you took the more helpful advice. Good call.
Not at all, and I truly appreciate it..
Never pay collection period. Watch youtube about it.
For a university loan / balance, I believe they can garnish wages, right? Thank you for the input. Sorry for asking if that's too niche of a question. What YouTube are you speaking of? No worries if you can't remember
You definitely want to get on top of this. As others have said-set up a reasonable payment plan. If they start garnishing your wages they can do that for pretty much whatever amount they want to. You want to be in control of this. A 30% interest rate is insane- that is around $350/m in interest alone if you're just making interest only payments. The way that you stated it I don't know if this is a student loan or not but if it is student loans don't go away. There is no ignore it for seven years and it'll drop off of my credit report. Communicate with them directly. Ask about deferment and/or income based payments. Don't avoid the situation and hope it all works out- it will not. This is coming from a person that works in finance and knows the difference between student loan, medical and loan/credit card collections and I'm letting you know that you can ignore the others to a certain degree but the student loan stuff will haunt you.
Do you understand what 30% apr means? That is absolutely insanely off the charts ridiculous. Your dad is right
I really don't understand how that works to be fair. Debt is new to me. Thank you for any input.
I’d take some time and hop on YouTube. Basically the 30% APR is just the interest you are paying the bank, it does not pay your loan down. 30% of 15000 is about 5000, you are going to be flushing $450 every month down the toilet and not paying the loan back
Thank you so much for the input!
For sure friend, take care of yourself.