There goes the credit score
February 28, 2011 7:36 PM Subscribe
Can you strategically default on student loans and credit cards like you would a mortgage?
posted by anonymous to Work & Money (21 answers total) 5 users marked this as a favorite
Here's the rundown: I'm in a crapton of debt ($30K in credit cards - due to medical bills, not frivolous spending - and around $90K in undergrad/grad debt.) I got laid off back in August, moved back in with my parents who are struggling as it is to pay their mortgage and other necessities, and I haven't been able to find work since. I'm on unemployment but the amount I'm receiving is a joke, and I don't know how much longer I'll be eligible for it.
I've applied to hundreds of jobs, only to be turned away for not having enough experience, and can't even get under the table work or a position in retail hell. My student loans are a bigger burden to me than my credit cards. I've used up all my deferments and forbearances, and since they're private loans they don't care if I were hooked up to an iron lung - they want their money.
I've been trying to keep my credit score afloat, but I know I'll have to miss at least one payment next month, and I might as well learn to fall gracefully if I know I'm going to slip. Has anyone else gone through this? If so do you have any tips or ideas to consider? I'm in PA if that makes a difference.