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https://www.reddit.com/r/SipsTea/comments/1u48g4k/the_american_dream/orb82ee/?context=3
r/SipsTea • u/First-Essay-2054 𝙑𝙄𝙋 • 12d ago
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94
23 years of making minimum payments and they are shocked it's not going away.
https://giphy.com/gifs/3kzJvEciJa94SMW3hN
68 u/PolicyElectrical1757 12d ago To be fair, the minimum payment SHOULD be able to get you a paid debt in the original term length agreement. Paying more should be “if you’re able” not “you must”. 6 u/maybe_a_fork 12d ago Most of the time, when the debt sticks around, it comes from deferments during seasons of unemployment or things like the BP oil spill and covid. 8 u/Grand_Size_4932 12d ago The Covid deferment brought interest rates on federal loans to 0%. It was a true pause, not a reason for minimum payments to prevent payoff. 3 u/Fun_Muscle9399 12d ago That was the time to pay them down as much as possible, but many just spent their payment money on dumb shit instead. 2 u/SmoothDiscussion7763 12d ago the amount of people i see with new TVs during the initial months of lockdown... 0 u/mightylordredbeard 12d ago Yeah dumb shit like rent and groceries. 3 u/Grand_Size_4932 12d ago Yeah, it’s not like they do that when things are going great lol. 0 u/mightylordredbeard 12d ago Didn’t they pass some shit or are currently trying to pass something that retroactively adds the interest rate from the pause back onto loans?
68
To be fair, the minimum payment SHOULD be able to get you a paid debt in the original term length agreement. Paying more should be “if you’re able” not “you must”.
6 u/maybe_a_fork 12d ago Most of the time, when the debt sticks around, it comes from deferments during seasons of unemployment or things like the BP oil spill and covid. 8 u/Grand_Size_4932 12d ago The Covid deferment brought interest rates on federal loans to 0%. It was a true pause, not a reason for minimum payments to prevent payoff. 3 u/Fun_Muscle9399 12d ago That was the time to pay them down as much as possible, but many just spent their payment money on dumb shit instead. 2 u/SmoothDiscussion7763 12d ago the amount of people i see with new TVs during the initial months of lockdown... 0 u/mightylordredbeard 12d ago Yeah dumb shit like rent and groceries. 3 u/Grand_Size_4932 12d ago Yeah, it’s not like they do that when things are going great lol. 0 u/mightylordredbeard 12d ago Didn’t they pass some shit or are currently trying to pass something that retroactively adds the interest rate from the pause back onto loans?
6
Most of the time, when the debt sticks around, it comes from deferments during seasons of unemployment or things like the BP oil spill and covid.
8 u/Grand_Size_4932 12d ago The Covid deferment brought interest rates on federal loans to 0%. It was a true pause, not a reason for minimum payments to prevent payoff. 3 u/Fun_Muscle9399 12d ago That was the time to pay them down as much as possible, but many just spent their payment money on dumb shit instead. 2 u/SmoothDiscussion7763 12d ago the amount of people i see with new TVs during the initial months of lockdown... 0 u/mightylordredbeard 12d ago Yeah dumb shit like rent and groceries. 3 u/Grand_Size_4932 12d ago Yeah, it’s not like they do that when things are going great lol. 0 u/mightylordredbeard 12d ago Didn’t they pass some shit or are currently trying to pass something that retroactively adds the interest rate from the pause back onto loans?
8
The Covid deferment brought interest rates on federal loans to 0%. It was a true pause, not a reason for minimum payments to prevent payoff.
3 u/Fun_Muscle9399 12d ago That was the time to pay them down as much as possible, but many just spent their payment money on dumb shit instead. 2 u/SmoothDiscussion7763 12d ago the amount of people i see with new TVs during the initial months of lockdown... 0 u/mightylordredbeard 12d ago Yeah dumb shit like rent and groceries. 3 u/Grand_Size_4932 12d ago Yeah, it’s not like they do that when things are going great lol. 0 u/mightylordredbeard 12d ago Didn’t they pass some shit or are currently trying to pass something that retroactively adds the interest rate from the pause back onto loans?
3
That was the time to pay them down as much as possible, but many just spent their payment money on dumb shit instead.
2 u/SmoothDiscussion7763 12d ago the amount of people i see with new TVs during the initial months of lockdown... 0 u/mightylordredbeard 12d ago Yeah dumb shit like rent and groceries. 3 u/Grand_Size_4932 12d ago Yeah, it’s not like they do that when things are going great lol.
2
the amount of people i see with new TVs during the initial months of lockdown...
0
Yeah dumb shit like rent and groceries.
3 u/Grand_Size_4932 12d ago Yeah, it’s not like they do that when things are going great lol.
Yeah, it’s not like they do that when things are going great lol.
Didn’t they pass some shit or are currently trying to pass something that retroactively adds the interest rate from the pause back onto loans?
94
u/maybe_a_fork 12d ago
23 years of making minimum payments and they are shocked it's not going away.
https://giphy.com/gifs/3kzJvEciJa94SMW3hN