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I owe 17,000 in debt. Nearly all student loans. There is one old bill (roughly 6 years ago) from a medical procedure I had that went to collections, accounting for ~$300.
I make $16.50 an hour full time, or $34320 a year, and have $3000 saved up.
As my loans are in deferment for 6months with no interest accruing, I am considering opening up a 6 month CD with my bank at a .30 annual return. I can put $1500 a month into this account, I would like to be able to put $2000 a month into it, but I would probably be too stretched. I dont pay rent. Only insurance $280 every 6 months, and my cellphone bill which is $65 a month.
Does anyone have any suggestions for paying off debt in this way? If I could go into next year debt free it would be an amazing feeling.
notapillow said: "you are going about this endeavor all wrong. clear your mind of useless fear and concern. buy the ticket, take the ride, and all that.... "
ChrisWho said: "It's all about the journey, not the destination."
Start by calling and paying off one on collections. call whichever Mae that gave you the loan (usually Sallie Mae) and schedule payments. escalate them as needed to pay off in year. don't tell them your paying off in a year and ask for those payments! Instead take what they offer perhaps 5 or 10 year. This does 2 things. 1. If you have an emergency you wont have a huge monthly bill over your head even giving you another strike on your credit report. 2. If you pay it off in a year or year in a 1/2 as opposed to the new 5 or 10 year plan it boosts your credit report as a "paid off early". Good Luck!!
So you plan on collecting interest for the 6 months your loans are deferred?
Thats a decent idea, but I'd crunch the numbers. A few grand in a 6-month CD is probably going to yield 5-10 bucks, if that.
-------------------- ...the whole experience is (and is as) a profound piece of knowledge. It is an indellible experience; it is forever known. I have known myself in a way I doubt I would have ever occurred except as it did.
Smith, P. Bull. Menninger Clinic (1959) 23:20-27; p. 27.
...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.
Osmond, H. Annals, NY Acad Science (1957) 66:418-434; p.436
First, if the medical bill is 6 years old, you probably don't even need to pay...I don't know what state you live in, but most states have a statute of limitations that is shorter than 6 years...Fuck em...It won't even be on your credit in another year..
Don't bother with the CD..seriously, a 6 month CD isn't gonna give you shit for interest...even if you put the whole 17k in right now and left it in for 6 months, you'd only get 100 bucks or so out of the deal...You're much better off just putting the money into paying the loan right now and as you get it...that way, you're not even tempted to spend it.
that was kind of my idea with the savings account, which I opened today. Something I couldnt touch for 6 months even if i wanted to, with a small bonus at the end.
plus id like to write a check for $15000 that actually clears at least once in my life
notapillow said: "you are going about this endeavor all wrong. clear your mind of useless fear and concern. buy the ticket, take the ride, and all that.... "
ChrisWho said: "It's all about the journey, not the destination."
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