Point in paying this debt?
Date: Fri, 03/26/2010 - 07:35
So, I was a student and I have multiple thousands of debt in school bills.
Problem is, I've come on hard times and haven't been able to pay anything on it recently.
Long story short, the loan will default in August.
My credit score used to be 710, but after last month it dropped to 560. I was planning on paying towards it with my tax return. But honestly, is there any point in paying it off over paying off my credit card?
I know that late payments will often bomb your credit score even more.
So, I ask you, will paying towards this debt just be a waste of my money, when my credit score was already wrecked?
Problem is, I've come on hard times and haven't been able to pay anything on it recently.
Long story short, the loan will default in August.
My credit score used to be 710, but after last month it dropped to 560. I was planning on paying towards it with my tax return. But honestly, is there any point in paying it off over paying off my credit card?
I know that late payments will often bomb your credit score even more.
So, I ask you, will paying towards this debt just be a waste of my money, when my credit score was already wrecked?
If you don't want your score to remain in the tank forever then
If you don't want your score to remain in the tank forever then it would certainly make sense to pay off your student loans. Though you haven't mentioned whether it is a Federal student loan or private but in general student loans are hard to get rid off.
i know that alot of times if they are federal they will attach y
i know that alot of times if they are federal they will attach your refunds, an such. i would be very careful defaulting on those. but then again it depends on the type of loan it is. an your score will be tanked for a long long time if you pay nothing. i would call an see what your options are
