Paused is different from forgiveness. A person planning ahead to be able to resume loan payments will behave differently than a person who no longer has to worry about repaying a loan.
Paused is different from forgiveness. A person planning ahead to be able to resume loan payments will behave differently than a person who no longer has to worry about repaying a loan.
How many of the people receiving this no longer have to make payments on a loan? The majority of impacted borrowers will just have the distant day when they're done moved forward in time.
This is such an under considered point. For most of those affected, it just means that there may be a date in their lives they can realistically expect to finish paying off their loans instead of being bogged down forever.
As a consumer bankruptcy attorney with 1000 BKs under my belt, I can tell you many do not. As someone who did 1000 house refinances, I can also tell you everyone who got lower payments or refinanced debt already had plans to accumulate more as well. It's human nature.
Paused is different from forgiveness. A person planning ahead to be able to resume loan payments will behave differently than a person who no longer has to worry about repaying a loan.
Not really… not with the current price of gas, food, products.
How many of the people receiving this no longer have to make payments on a loan? The majority of impacted borrowers will just have the distant day when they're done moved forward in time.
I saw a graphic yesterday that showed this small bit would totally erase the debt of 53% of eligible borrowers.
This is such an under considered point. For most of those affected, it just means that there may be a date in their lives they can realistically expect to finish paying off their loans instead of being bogged down forever.
You assume people plan :-)
As a consumer bankruptcy attorney with 1000 BKs under my belt, I can tell you many do not. As someone who did 1000 house refinances, I can also tell you everyone who got lower payments or refinanced debt already had plans to accumulate more as well. It's human nature.
Many/most people don’t plan their finances. Yeah, that’s all I’m gonna say about that.
While true, it is also selection bias. You aren't encountering as many people who manage their money well in your line of work.
Yes. But the sheer quantity of them is more than I would have thought prior to this.
Sheer quantity of what, people needing bankruptcy help that a bankruptcy attorney runs into?
It's more than you would think by volume.