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It's a pretty safe bet that if no one was collecting this debt, not many people would pay it back.
by merpnderp 9y ago
It's a pretty safe bet that if no one was collecting this debt, not many people would pay it back.
- emodendroket 9y agoEven if they didn't have collectors at all it'd trash your credit. Without even getting into the issue of whether there is a more efficient way of collecting.
- bpodgursky 9y ago99% of college graduates would be in a financially better state if they could forget all their student loans in exchange for a credit hit. Credit is nice, but it is not NEARLY as nice as not having debt.
- emodendroket 9y agoThat's true, but I would bet money that if you were able to take the pulse of Americans collectively you'd find people putting way more weight on their credit scores than is strictly rational. I've lost count of the number of times I've seen it suggested that people do irrational things like carry revolving credit card balance or take out loans they don't really need to "build credit."
- learc83 9y agoMost debt collectors aren't going to do much more than ruin your credit and call you a lot anyway.
- merpnderp 9y agoActually, allowing students to discharge their debt would solve this problem as lenders would start means testing students to see if they are credit worthy.
- emodendroket 9y agoUnless you're looking at their parents pretty much no student is "credit worthy" for a loan into the tens of thousands of dollars in the traditional sense.