Would you rather...Default on all loans, OR...
I know i just did one of these last week (the George Bush deal), but they're so much fun! And plus it's Memorial Day - which means it's a holiday, and I can do whatever i want ;) That, and it's also my blog. haha...
Since I won't be up bright and early like usual on a Monday morning, I was sure to plop this one up at 1a.m., just for you!
Please to enjoy:
Since I won't be up bright and early like usual on a Monday morning, I was sure to plop this one up at 1a.m., just for you!
Please to enjoy:
"Would you rather... Default on all loans, credit cards, mortgages, etc for 5 months straight (no payments allowed at all, no matter what even if you have the money) - OR would you rather give Uncle Sam a one time $20,000 check to avoid it all together?"And you have to pick one. It'll suck either way, but which would be better? That's the tricky part. I'll post my answer later ;)
Labels: would you rather
posted by J. Money at
12:51 AM
6 Comments:
Easy for me. Default on every last bit of credit I have.Nothing against the govt, but currently I have $0 outstanding debit. I dont think anyone will notice if I dont make my scheduled $0 payments. :-D
Haha...nicely played sir. Keep up the good work!
hmmmm. Our mortgage is about $1300 a month. Other than that we pay our credit card off every month, so we could just stop using it for five months and pay cash for everything. We have a home depot credit card that has a $1700 balance on it, but no payments are due until next year, and there's no interest on it, so that would be ok for five months. I guess the problem would be the mortgage. How many months do you have to go before you get foreclosed on? How badly would it ruin our credit to go five months without paying our mortgage? We're not planning to apply for any credit in the next several years, so I guess I'd go with not paying the mortgage for five months. But if someone who knows more about foreclosure than I do comments on here that a house would get taken away within five months, then I'm changing my mind! :)
I'd rather give the 20k. Once you pay that off you are worry free. Defaulting sticks with you for life.
Well the only debt I have is my student loan that is with the government and is less than $2500 so I guess I would stop payment for 5 months.
Luckily in reality I may be completely paid up by then anyway so I could just pay it off once they start hounding me.
We have some risk takers here - i like it! While i'm not sure how long it would take to get foreclosed upon (sorry Frugalbabe) i'm willing to bet it would be wayyyy sooner than later now a days.
As much as I'd hate to do it, I'd have to pay $20k. I don't have the cajones to mess up my good credit score!
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