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Assuming people are only making minimum payments, they could have had to maintain operations for 20 years or so, even if they otherwise closed the accounts and

Assuming people are only making minimum payments, they could have had to maintain operations for 20 years or so, even if they otherwise closed the accounts and only accepted credits (to them) and no debits on the accounts. I dont know what infrastructure amd employment levels they would have had to maintain to service the accounts. I'm sure they probably ran the numbers, compared what they'd receive to cost of operations and probably realized itd either be a wash or a money losing proposition and decided to take the cheaper/expedient way out. Personally, I'd love this deal. My CC is closed, but still paying down a very large sum. Got married, assumed my wife's debts and struggling to get our heads above water. Should be clear in another 4 years sigh, maybe sooner if I can get a few good bonuses in the next few years.

yurishimo 7y ago
You got this! My wife and I have been married just over 5 years now and still have $50k~ of debt left, most of it is her student loans. Don't be afraid to shop around for jobs too. I'm about to transition to a new company making 50% more after putting 5 years in at my current job. Luckily, I liked the job so I had time to really search for another one that would be a good fit culturally as well and that paid more. Now we're going to be debt free hopefully by Christmas 2020 and making $110k/yr and 26 y/o at that time. Not to mention bonuses and raises for both of us in the next 18 months. My wife has only been out of school and working for 2 years as an engineer, so she has plenty of room left to move up and I can keep working for software companies with great work/life balance and people that I like. Win win! Rooting for you :)
- hermitdev 7y ago
  I'm not worried. We have the savings to cover the debt, problem is I have a hard time touching it, since I work in Back office finance IT. I have access to the entirety of the firms positions and trades. Id like to cash out, because earning 3-4% interest, while paying out 20% interest on around 50k in debt makes far less sense than paying no interesting and paying into a matching 401k... To be honest, this has probably been my single biggest stressor since getting married, and my wife's apparent mental block that finances are tight (when they shouldn't be) and she keeps buying non essential items. A lot of this is self inflicted, then complicated with medical issues on shitty insurance. I mean, the year before I got married, I was debt free, even after been unemployed for 6 months (and I didnt file for benefits, stupidly). We spent too much on our rings, but not on the wedding (we did a JOP wedding and a nice dinner afterward with just my wife, 2 step kids and myself). But, we had to move out of my 1 bed + den apartment into a 3 bed, 3.5 bath townhouse. More than doubled rent, but was necessary. I mean, I make good money, but on my salary, we're struggling, living paycheck to paycheck, in large part of debt I assumed from marriage and medical issues. Kicker is I have the savings to cover it, but cannot get to due to compliance issues.

yurishimo 7y ago

You got this! My wife and I have been married just over 5 years now and still have $50k~ of debt left, most of it is her student loans. Don't be afraid to shop around for jobs too. I'm about to transition to a new company making 50% more after putting 5 years in at my current job. Luckily, I liked the job so I had time to really search for another one that would be a good fit culturally as well and that paid more. Now we're going to be debt free hopefully by Christmas 2020 and making $110k/yr and 26 y/o at that time. Not to mention bonuses and raises for both of us in the next 18 months. My wife has only been out of school and working for 2 years as an engineer, so she has plenty of room left to move up and I can keep working for software companies with great work/life balance and people that I like. Win win! Rooting for you :)

hermitdev 7y ago
I'm not worried. We have the savings to cover the debt, problem is I have a hard time touching it, since I work in Back office finance IT. I have access to the entirety of the firms positions and trades. Id like to cash out, because earning 3-4% interest, while paying out 20% interest on around 50k in debt makes far less sense than paying no interesting and paying into a matching 401k... To be honest, this has probably been my single biggest stressor since getting married, and my wife's apparent mental block that finances are tight (when they shouldn't be) and she keeps buying non essential items. A lot of this is self inflicted, then complicated with medical issues on shitty insurance. I mean, the year before I got married, I was debt free, even after been unemployed for 6 months (and I didnt file for benefits, stupidly). We spent too much on our rings, but not on the wedding (we did a JOP wedding and a nice dinner afterward with just my wife, 2 step kids and myself). But, we had to move out of my 1 bed + den apartment into a 3 bed, 3.5 bath townhouse. More than doubled rent, but was necessary. I mean, I make good money, but on my salary, we're struggling, living paycheck to paycheck, in large part of debt I assumed from marriage and medical issues. Kicker is I have the savings to cover it, but cannot get to due to compliance issues.