4 ms·
But really what were the possibilities? If you were unemployed with no assets and no savings the debt collectors wouldn’t really get anything from you. And once
by spoonjim 5y ago
But really what were the possibilities? If you were unemployed with no assets and no savings the debt collectors wouldn’t really get anything from you. And once you got back on your feet you’d start making payments.
I don’t think there’s that much difference between making $12/hr and making $12/hr with $200k debt that you make no effort to pay off.
- gnicholas 5y agoI'm not sure I understand what you're asking. Student loan debt is not dischargeable in bankruptcy, so it would be terrible to take out $120k in debt on the assumption that a job paying $160k/yr would be waiting for you. Also, where does the $12/hr figure come from? edit: thanks for the downvote, but could someone explain what I'm missing? I literally stared at it for five minutes trying to understand it.
- crooked-v 5y agoThe point you're missing is that for someone who graduates with heavy debt during a recession period where they can only get a low-paying job (say, $12/hr) or no job at all, debt collection is entirely irrelevant because they don't have anything to collect in the first place.