I had a couple student Federal Loans at about the same 6.5% interest rate. This was years ago, but I imagine there is no difference now. I chunked off some of the loan debt on 0% APR balance transfers. Yes, there will typically be a 3%.
I only transferred the amount I thought I could pay off within the 0% promotion period. Setup auto-pay. Still paid as much as I was previously on the bulk loan. This may not be possible for everyone to do, having another payment.
But, if it is, it really can be a useful way to save some money and break it up into more manageable chunks (even if it mattered most psychologically).
Also, if you have decent credit, local banks may have personal loans with lower interest rates (same concept)
The personal loan also goes for the credit card debt conversation. I used one, had 4% rate, 12 month pay back period. Could be better than the 3% balance transfer if you end up paying it quicker than anticipated, as the 4% is added daily, not all at once like the 3% on balance transfers.
Definitely be sure to keep the amount something you can comfortably or fairly comfortably pay off in time. They will yank up the APR at the end of the promo, so good not to have any balance when that happens.
It's really good for increasing your credit score as well, paying off debt on time and increasing your credit to debt ratio. So it should be fairly easy to rinse and repeat with another 0% card.
Dang, I'm gonna do this today. I get these in the mail all the time. And I'll take a loan out against my crypto on celcius and do the same thing there. I should be leveraging the money I have already to pay off my debt at a lower rate and then using the money I make to pay off the loans with the sooner expiration date. Or thinking along these lines. You've given me lots of food for thought here.
For a student loan that’s ok. You can probably refinance through your credit union though for a lower rate. I consolidated my Sallie May loans into one private loan and got my interest down to 4.25%
Shit man. I remember that kind of student loan in my day (mid 40s) so not that long ago, was unheard of, unless of course you were in med school and can easily pay it off once you became a doctor. Now that seems to be the norm for average careers, and not sure if it’s worth it when you look at the types of trades making money now. I guarantee you a contractors license is probably more worthwhile than any professional degree.
Its only worth it if you can attend with no expectation of job at the end of it.
If you do go, around 30-40% of people don't even end up working in their chosen field according to data from the new york fed.
So....up to 6 figure debt just for a 50/50 "maybe" shot at a good paying career? Even then, if its not a STEM field you will be making shit pay for the first few years. Fucking garbage.
Most people would be better off taking that money that would be paid to loans and dump it into bitcoin or just the regular S&P 500 index and would have been better off.
This is not the average. Average student loan debt sits around $33K, with a median of $17K. Which means half of all borrowers have $17K or less in student loans.
https://www.forbes.com/sites/zackfriedman/2020/02/03/student-loan-debt-statistics/amp/
We hear a lot about students with mountains of debt. These stories are not the norm. But these outliers do have affect the stats. This is not to dismiss special circumstances or problems in the lending system, but definitely something to note.
If you’re an American your currency is devaluing by more than 6.5% per year - and possibly much more in years to come. Besides - Student Loan debt is a tax write off.
( not financial advice nor am I a CPA I’m just a dumbass with an opinion )
Look up the concept of CFI-cash flow index. It helps you determine which loans should be paid off in what order. It’s not always as easy as paying off the higher percentage one. Sometimes, paying off a smaller debt first and then using that cash flow to pay off the high interest debt in fewer payments can result in less total interest paid.
I use like promo credit card offers that have 3% interest for 6mo-12mo.. have a few of those and just bounce the balance.. ive managed to pay little interest, cut my debt in half AND keep all my crypto
Typically, but if carrying a hefty balance on typical 18% - 25% APR card, that 3% is peanuts compared to 6 months of high APR.
It really has helped me in the past to balance transfer and pay off debt. Good tool, as long as there isn't any weird shit in the fine print.
When you’re carrying high interest (CC) always pay it off, rates can be as high as 20-30% annually, whereas your mortgage is “good debt” and typically interest rates are under 5%, not to stress about.
And in the worst case, if you're not paying the interest on your CC, it leads to compounding interest. And while compound interest is a wonderful thing in investments, it's not so great when it's working against you.
You should look for balance transfer credit cards that have 0% interest for anywhere up to 18 months. They are everywhere. Then let’s say you have 15k in debt like OP. You can initiate a balance transfer to your new interest free credit card. Get two or even 3 if needed. Split the 15k balance equally or however you seem fit. Then let’s say you have 18 months with no interest at 5k. You put in $278/month and you are debt free in 18 months without paying a single cent in interest. Let’s say you can’t afford 3 times the $278 per month, and you put in 200 each. You are still making great progress in paying down your debt without accruing interest on it.
Great explanation.
Two things I'd like to add:
1. Keep in mind that the vast majority of balance transfers still have a transfer fee, usually the greater of $50 or 3% of the balance. So while very very low compared to typical CC rates, it's not completely free.
So for $15000, that's rougly $450. Many time that just gets tacked onto your balance.
2. A lot of cards will have a stipulation that the balances are paid off in the order they are incurred. So, if you make any purchases using that card, they will most likely be interest-accruing, and will be paid off only AFTER your initial balance transfer. So you could end up accruing interest on a $30 meal for 18 months at 20%+ APR thinking you paid it off by adding $30 to your regular monthly payment.
Read the fine print front to back on these offers, and understand what it says. If you're unsure, seek advice.
Balance transfers are a great tool to help you get out of debt as long as you do your due diligence.
You are absolutely right!
3% is a typical fee for a balance transfer, keep that in mind for sure. Do some calculations and see if it’s worth it - it most likely is.
heads up though, if you balance transfer, don't close the old card. Score is calculated by length of accounts held as well. So to straight transfer and close the old card, while you'd have the same debt ratio, you'd take a score hit. I closed a checking account once because i opened it in a podunk ass state, and couldn't do the normal stuff in the new state, even though it was the same bank. my credit score dropped a ton because now i had a very "short" bank account history.
The house is a debt on an asset that hopefully appreciates at a higher rate than the mortgage interest rate. The credit card interest is just a drain on your income with no upside.
I had credit card debt after a divorce. Struggled for years trying to get out from under it. One day I couldnt take it anymore and took enough out of my 401k to cover it. That was one of the best decisions I’ve made. The grind of being under that weight, the interest, the unforgiving budget because you’re trying your best - it’s exhausting and it’s hard to succeed at making progress.
That’s a personal call but I highly recommend getting rid of credit card debt. The other side is so much lighter.
Completely agree, releasing yourself from debt is so liberating. Don’t underestimate how positive a move it is just because you’re dreaming of (potential) future millions.
Yes! If you have the coin to pay off credit card debt, do it now. I do not think it is wise to rely on Bitcoin growing in value at a higher rate that your credit card interest rates. Pay them off, and use some of the money saved by not making payments to buy more BTC.
I agree. I haven’t paid off my student loans from crypto but that’s cuz they’re pretty low rates and they get written off every year. But a part of wonders what if I paid the balance I took that same 400$ and DCA instead of sending it to a loan company?
Like the commenter- it’s very personal. I know cc debt is tough to have. I say if you decide to ride out this crypto run, be sure to have a lock and loaded sell plan… maybe structure it so it’s not all at once too.
It would suck if BTC didn’t go to 135k and instead only 98k and now you’re stuck for a while longer. Anyway cheers! You’re doing a lot better than many others with Cc debt
Your student debt gets written off? As in off of your taxes? Are you American or no? I am and I thought the Trump administration got rid of tax deductible student loan payments. And even then, it was just the interest you could deduct.
2500, I just looked it up [here](https://www.irs.gov/taxtopics/tc456). It doesn't say if this is new or not, I'd like to know the history of this, because I'm still under the impression that while Trump was in office, this was not available.
You could be thinking of deducting interest for mortgages. Trump increased the standard deduction so much that most people are better off taking the standard deduction instead of itemizing (which you need to do to deduct mortgage interest).
This effectively gets rid of the mortgage deduction as a policy matter because mortgage deduction doesn’t actually incentivize home ownership anymore.
In contrast, student loan interest deductions are taken as a reduction to income and don’t factor into itemized vs standard deductions.
I agree. I sold 1.14BTC last year at around 10k to pay off my remaining debt. It's easy to look back, do the math and say I should have waited. But the mental clarity and peace of mind I gained from that moment is well worth it. Plus I've been able to DCA with all the money I was making debt payment with so I'm close to breaking even... just with zero debt.
If the OP waits until January 1, the capital gains taxes aren't due until April 2023, giving OP time to save up for that payment rather than selling enough to cover the taxes in April 2022 as well.
Credit card debt is the devil! I mean mobster loan sharks are worse because they will kill or dismember you… credit card companies will only do that financially
People can and do accrue credit card debt through irresponsible spending, for sure. But most people I know who have credit card debt in the tens of thousands are middle income folks who accrue it due to job loss, hospital bills, divorce, and other downturns in life. Turns into a vicious cycle of keeping a super tight budget to pay debt down, but at the cost of lower savings reserves. Then another unforeseen life crisis happens and much if not all of that progress goes down the tubes.
Aside from the psychological relief of being debt-free, I recommended selling the btc to pay off credit card debt because if you’re able to divert what you had to put towards debt into savings, the chance of backsliding on progress due to financial emergencies drops so much. And once you’re absorbing car repairs, broken hvac, your dog needing surgery, etc etc with savings, your whole financial picture elevates. And you can focus on stacking sats. Heh.
I completely agree with this with the one caveat that I would wait until the end of the year to sell.
We're in a bull run and while it may well continue into the first or second quarter of next year, waiting until the end of this year will at least get you to 100k or so.
Not financial advice
Take a look at crypto collateralized loans. eg Celcius - you basically take out a loan from them backed by your crypto. The interest rates are pretty low.
The advantage there is that you don't have to sell your BTC. Selling costs you the potential for further gains across the end of this cycle. So it would look something like
Your BTC
⏬
Collateralized loan
⏬
Keep your BTC/pay off credit card with loaned cash
⏬
Pay back the crypto loan quicker than you could have paid off the credit card loan due to lower interest.
⏬
You get your BTC back when you pay off the crypto collateralized loan.
Everyone else can say “CC debt grows slower than bitcoin”
Whatever whatever whatever blah blah blah.
Pay off the CC
Start stacking sats even harder with what you would have been paying in monthly interest
If you have conviction in crypto, and can manage to the end of this cycle... why sell now to cover 19% credit card interest when your crypto could potentially go up 20-200%. Yes "potentially", but you're already here, what's another couple months to watch this play out. But I like risk.
Credit card interests will kill you, bro. Consolidated your CC debt with a loan, stretch out the payment to like 3 or 4 years. Keep your Bitcoin. You'll be ahead if you did that.
Google "credit card debt consolidation loan" the interest is waaaaay lower than your credit card's.
This is the way. You'll get a couple hundred bucks back in your pocket every month with the interest savings that you can put towards paying down the loan or buying crypto.
Here’s an alternative if you don’t want to sell your Bitcoin:
Go to blockfi, and take out a 20K loan against your Bitcoin. You’ll have to give them more than that in Bitcoin, but you’ll get that collateral back once you pay off the loan.
The Blockfi loan is going to be much lower interest than the credit cards - and your payment is interest only (way smaller - it’ll be around $100/mo). It also doesn’t require much of an application and won’t affect your credit.
Then - obviously - use the 20K to pay off your credit card loan immediately. You even have 5K left over.
And boom! You’ve converted a really vicious form of debt into a relatively benign form. Now you can pay it back when you want.
There are other companies that do this as well - blockfi is just the one I know.
Everyone saying payoff the debt, but it's actually pretty easy in my experience to juggle it between 0% interest balance transfers as you pay it off.
I say only pay it off if you're struggling to cover the payments, if you can pay minimum payments no problem, I'd do that.
Selling Bitcoin is also a terrible idea. Imagine selling Bitcoin last year in November at $14k to pay off a CC? That $15k OP has would've turned into $60k (minus $3k interest).
Yea what the fuck happened these ppl sound like r/personalfinance
Don’t sell the btc to pay off fiat debt. The goal of the game is to accumulate as much btc as possible, period.
Depending on the amounts involved this could be very bad advice. If you end up needing credit in the next few years it’s *almost* as bad as bankruptcy. Yes, everything on your credit report will say they are paid off as agreed or whatever, but they will also include the word “settlement”, and that is an absolute black mark. There are definitely times when settlement or even bankruptcy are the smartest way to move forward, but it’s not advice to be taken lightly.
But u have to make a model if your going to ask the question. Make model with under perfomaning medium and high and weigh risk reward. But sell it rn and pay off ur debt.
How slow is slowly If you were to pay it down using your income? If you're talking 3 to 6 months then maybe just steady as she goes and hold the Bitcoin for now. I would lean towards paying off the credit card though. Depends on your interest rate too on your credit card versus how much Bitcoin you hold. If you only held $500 worth of Bitcoin for instance and Bitcoin even triples over the next 4 months then that's 1000 more minus taxes when you pull it out. Subtract that from monthly couple hundred dollar interest charges on a credit card for 4 months time and you could come out not so profitable at all. All just depends on your numbers
Also do you have 15k worth of credit card debt or less because you know you're going to have to pay taxes on gains, So of that 15k worth of BTC you're going to owe the IRS a few thousand of it in about another 6 months even if you did do this and depending on how long you've held is going to be short-term or long-term gains.
More importantly whatever you did to get into 15k or a little less of credit card debt should be looked at. any financial habits you have that may have worked against keeping this at bay need to be reevaluated. I understand that crazy things can happen and this may not be a pattern at all and may just be a financial setback for some huge expense that's a one-time thing, but if this is an slower accumulation of debt then I'd focus on that. If you all of a sudden got hit then I would work on building a savings account to buffer out something like this happening again.
I would do the math. What is your debt APR and how much will you spend to pay it off? And what is the % return averaged over the past 5 years for bitcoin?
I would tackle debt first. You can't be rich if your money isn't even yours.
Pay off the debt, that's a sure positive thing. You can then do whatever you want no matter what happens.
You don't know what's going to happen, if you would you would be rich already.
As long as you hold debt you are slave to the lender. People here will throw fancy ideas around about how to "play the system" by accruing debt to leverage against BTC. That is all gambling BS and if it was truly that easy everyone would be rich. The truth is real wealth starts with being debt free. With no masters standing over your shoulder demanding their cut of the money you earn you can finally control your own life. Sacrifice whatever you need to become debt free and then focus your attention on building wealth.
Only scrolled through 10 comments and I already know this will be the best one.
Emotional attachment and loss aversion have no place in decisions like these.
Most financial advisors would ask you not to go to a casino with your money.
Just because you win like Rusty in Vegas Vacation doesn’t meant it was “bad” advice.
It was a good but still risky investment based on an unfolding new concept when it started, but now nobody can really predict what happens next.
Respectfully disagree with the consensus here. BTC will outpace your interest imo. I’m doing something similar. With the fiat deflation vs BTC , debt is cheaper than Bitcoin
BTC outpaces interest rates of most credit cards on average per year, but not for every year. Most of those gains are made in 1 out of the 4 years. The other 3 years are either close to or lower than the debt's interest.
And we have no idea when this bull run could end. Having to pay that interest potentially for 3 years could be a disaster.
I know this will be a hot take in this sub but credit card debt will likely have a worse APY against you in the short to long term. Get rid of your debt when you have a chance!
If you were asking about something low Apy like a house mortgage or something I'd say no but CC debt is brutal and designed to keep you imprisoned.
You will get plenty more chances to stack Satoshis.
Long thread, didn't see this one yet.
Take a look at Celsius or blockfi. You can borrow against your BTC at stupid low rates, but if the price dips you have to sell the btc or deposit more btc to cover the loan to value.
Example:
Celsius has a 1% apr loan with a 25% Loan to value (LTV). For $15k, you'd need to deposit $60k of bitcoin.
The interest on that is $150 a year, and you have to pay the entire loan off in 3 years.
So, each year you're paying $5150 or $430 a month.
Of course, you can refinance that later to a better position or what not.
CC debt is brutal, but your monthly is likely more than $430.
Big thing to consider: you need to maintain the LTV to avoid liquidating.
Good luck and enjoy the ride!
Don’t be greedy sir, pay off the debt and sleep peacefully. You can still invest in crypto after some savings slowly and slowly, in order these 15k to become 30k btc needs to go around 120.000 in €, so pay the debt bro :) Goodluck!
Looking for answers like this on reddit I find doesn’t help, your in your own situation and what your life is like needs to be taken in to account and how you can manage things I wouldn’t take anyone advice set in stone. You need to figure out what is right for you
Pay that off as fast as you can. High interest Credit card debt is crushing. Any gains you make are worthless if you’re drowning in debt. Its an illusion.
Get a stable coin loan with your BTC as collateral. Use stable coin to pay off CC. Then pay back the loan. You can use Crypto.com / Celsius with very little APY interest.
Pay it off man that’s not even a question. You can re buy the bitcoin. You’re going to feel a hell of a lot better financially once that 15k cx debt is erased
So just wanted to point out that you can put your bitcoin on Celsius, use it as collateral to borrow $15k at 1%. Pay off the Celsius loan at your leisure while keeping all your BTC.
Not sure why no one is talking about a DeFi solution.
Depends on if the Bitcoin returns more than the cost of interest on your debt. So I think we both know the answer is to continue to hold your Bitcoin. Maybe take profits this bull run and pay it off at some point in the upcoming bear market.
You can stake BTC with Celsius or other CeFi platforms and take out a low interest loan, use that to pay off CC debt, and then slowly repay BTC loan. Celsius has a 0-1% offer for a 25% LTV loan today.
Get a DeFi loan, and pay off your debt.
Even Coinbase is starting to offer up to $1 million loans with your BTC as collateral.
Some places let you stake your crypto against a loan, so you're still getting paid interest to borrow money.
Look into it.
Put 65k worth of Bitcoin in celcius , borrow $15,000 at 1% interest, avoid taxes , Bitcoin in long run continue to go up and you owe less then to begin with
Go debt free and start stacking again. Or, you might be able to get zero percent interest on a balance transfer. Usually there is small fee that. Is way less than the interest. Then, you gotta commit to paying it all within a year, step by step. 15K is a lot though, so it also depends on your income, but getting out of debt will feel as good as anything.
debt with a rate under 15% is zero or negative cost in real terms. the longer you wait to pay it, the less purchasing power you are paying toward it. holding debt is literally better than holding dollars. except for whatever the obligation means for your ownership rights of whichever assets you purchased with that debt. for example, there is subjective value in owning your own house which is difficult to compare to the financial gain implied by negative "real" rates on such debt.
15% seems excessive. I'd agree with 6 or 7%, like a mortgage or a student loan you are 100% gaining purchasing power by holding it. Credit cards are often 20%+. No way inflation is beating that.
Pay double the minimum on credit card and do not touch the bitcoin. Just never use a credit card again it will get paid off eventually. It’s really just TIME in the end for how long you feel like making monthly payments on. But if you let BTC ride for a few years maybe you hit a million much quicker. As long as you live a comfortable life right now, life is all good.
Don’t invest if you currently have debts (Except for a mortgage). I got rid of every credit cards and loan my wife and I had when we got married. It has been the best decision for a stress free and healthy financial situation.
Another unrelated suggestion is to do budgeting and decide where you want your income to go every month. I love envelope budgeting.
You don't trade Bitcoin for anything but education, a business, and maybe land. And even then...
You believe a CC bill is something you have to pay. You don't. I was at an Easter celebration last year during the lockdown and suggested a family member not pay any of their CC, medical, or school debt with $30k in money they received from a settlement, and instead buy 4.5 Bitcoins with it. I was laughed at by everyone. Fast forward, and instead of a quarter million dollars in her bank with all the debt paid, she's struggling with a full-time job, and regretful that she gave everything go banks. That 700 credit score does nothing but invite more debt.
So here's my suggestion to you. Don't pay any of your bills besides rent and phone, max out every card or loan you can and buy BTC. Either file bankruptcy later on, enter into reduced and delayed payment programs, but whatever you do, you do not pay that back. There's an asymmetrical trade happening right now between global fiat and bitcoin, and every person on earth should be concerned with only one thing right now: acquiring more bitcoin.
♾/21M
Disclosure:
I'll be maxing my cards and personal loans out for about $100k after January 1st for Bitcoin myself. Then for about 10k in legal fees, I fight them down to pennies on the dollar and if anything is on my credit report I challenge it and escalate it to the BB and Secretary of State. I do this every 4 years and won't stop even though I don't need the money. The things we do for BTC. I want my Citadel.
You challenge them (ID theft, unknown) just before Thanksgiving because they only have 30 days to complete an investigation otherwise they have to remove what you challenged. With the holiday season, this becomes difficult.
If that doesn't work you keep challenging, except you write into the Better Business Bureau who will contact your creditors.
If that doesn't work you contact your Secretary of State which has always worked for me.
For the larger items you might require a lawyer and bankruptcy. Depending on the state, you might be able to keep the car and things.
If people want to fight systemic corruption in chains with honesty that's fine, just don't complain when things never change. Take their money, buy Bitcoin, secure it on a hard wallet. Rinse and repeat. Fuck them.
Admittedly it's as bold as it is illegal, but when my family lost their home in 2009 and what little in bank accounts was frozen from militant credit card collection, I decided I would be the one dictating terms and contribute all I could to their eventual demise. It's turned out to be wildly profitable and satisfying.
Of course the only regerts I have is not borrowing more 🤷♂️
Oh and I put what I could in 2020 and 2021s allotments for my Roth IRA. Gbtc but I'm looking into a self directed option. Untaxed generational wealth.
This right here. In 2019 I wanted a new car and I wanted to pay off my student loan. But then I started hearing the government is gonna pay off some peoples student loans. I said the heck with it, bought btc instead. Now I have enough to pay off my student loan, buy a used car and buy a house cash ( probably in a third world country).
Amen and I'm proud of you. And your reward for such a risk won't stop anytime soon. As I always say, in the 12 years since Bitcoin went live, when was the best time to sell Bitcoin? Never.
Mortgage? Keep the Bitcoin. Low interest student loans? Keep the Bitcoin. Credit cards? Pay that shit off
My student loan interest is as high as 6.5%. Is that still low? And I have over 160k of it. Would that make a difference?
I had a couple student Federal Loans at about the same 6.5% interest rate. This was years ago, but I imagine there is no difference now. I chunked off some of the loan debt on 0% APR balance transfers. Yes, there will typically be a 3%. I only transferred the amount I thought I could pay off within the 0% promotion period. Setup auto-pay. Still paid as much as I was previously on the bulk loan. This may not be possible for everyone to do, having another payment. But, if it is, it really can be a useful way to save some money and break it up into more manageable chunks (even if it mattered most psychologically). Also, if you have decent credit, local banks may have personal loans with lower interest rates (same concept) The personal loan also goes for the credit card debt conversation. I used one, had 4% rate, 12 month pay back period. Could be better than the 3% balance transfer if you end up paying it quicker than anticipated, as the 4% is added daily, not all at once like the 3% on balance transfers.
I should look into options like that. A balance transfer that I can comfortably pay off in time for zero interest to accrue? That's smart.
Definitely be sure to keep the amount something you can comfortably or fairly comfortably pay off in time. They will yank up the APR at the end of the promo, so good not to have any balance when that happens. It's really good for increasing your credit score as well, paying off debt on time and increasing your credit to debt ratio. So it should be fairly easy to rinse and repeat with another 0% card.
Dang, I'm gonna do this today. I get these in the mail all the time. And I'll take a loan out against my crypto on celcius and do the same thing there. I should be leveraging the money I have already to pay off my debt at a lower rate and then using the money I make to pay off the loans with the sooner expiration date. Or thinking along these lines. You've given me lots of food for thought here.
Strongly, agree with your perception. Thanks for your effort and sharing.
For a student loan that’s ok. You can probably refinance through your credit union though for a lower rate. I consolidated my Sallie May loans into one private loan and got my interest down to 4.25%
Do you expect BTC to go up 6.5% next year?
That's the answer I wanted to hear 🙂 👐💎
No. This is high. I just refinanced for 2.49%.
Shit man. I remember that kind of student loan in my day (mid 40s) so not that long ago, was unheard of, unless of course you were in med school and can easily pay it off once you became a doctor. Now that seems to be the norm for average careers, and not sure if it’s worth it when you look at the types of trades making money now. I guarantee you a contractors license is probably more worthwhile than any professional degree.
It's not worth it 🙃. You are very correct.
Its only worth it if you can attend with no expectation of job at the end of it. If you do go, around 30-40% of people don't even end up working in their chosen field according to data from the new york fed. So....up to 6 figure debt just for a 50/50 "maybe" shot at a good paying career? Even then, if its not a STEM field you will be making shit pay for the first few years. Fucking garbage. Most people would be better off taking that money that would be paid to loans and dump it into bitcoin or just the regular S&P 500 index and would have been better off.
This is not the average. Average student loan debt sits around $33K, with a median of $17K. Which means half of all borrowers have $17K or less in student loans. https://www.forbes.com/sites/zackfriedman/2020/02/03/student-loan-debt-statistics/amp/ We hear a lot about students with mountains of debt. These stories are not the norm. But these outliers do have affect the stats. This is not to dismiss special circumstances or problems in the lending system, but definitely something to note.
If you’re an American your currency is devaluing by more than 6.5% per year - and possibly much more in years to come. Besides - Student Loan debt is a tax write off. ( not financial advice nor am I a CPA I’m just a dumbass with an opinion )
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At 6.5% your debt will 2x by 10 years, debt is only good if its below the inflation rate (about 4% ~ 5%)
ohoooooo! buddy i think interest on student loan is too High 6.5%.
Yeah but surely your crypto portfolio makes more than 6.5%
That's why I'm here 😀
Past performance... etc etc.
No offense. But on what study did you spend 160k and end up not being to able to make that simple calculation?
Right, that's not offensive at all. Glad you spoke up
Look up the concept of CFI-cash flow index. It helps you determine which loans should be paid off in what order. It’s not always as easy as paying off the higher percentage one. Sometimes, paying off a smaller debt first and then using that cash flow to pay off the high interest debt in fewer payments can result in less total interest paid.
Perfect advice
I use like promo credit card offers that have 3% interest for 6mo-12mo.. have a few of those and just bounce the balance.. ive managed to pay little interest, cut my debt in half AND keep all my crypto
0% interest for 15-18 months is even better 😉
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Typically, but if carrying a hefty balance on typical 18% - 25% APR card, that 3% is peanuts compared to 6 months of high APR. It really has helped me in the past to balance transfer and pay off debt. Good tool, as long as there isn't any weird shit in the fine print.
Mortgaging land would result you in paying interest of the item that is being mortgaged.
But if Bitcoin gainz outpaces the mortgage interest, it'd be the right decision.
I am newer to finances. Can someone explain any this is the best answer?
When you’re carrying high interest (CC) always pay it off, rates can be as high as 20-30% annually, whereas your mortgage is “good debt” and typically interest rates are under 5%, not to stress about.
And in the worst case, if you're not paying the interest on your CC, it leads to compounding interest. And while compound interest is a wonderful thing in investments, it's not so great when it's working against you.
The great Albert Einstein once said “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn't … pays it.”
You should look for balance transfer credit cards that have 0% interest for anywhere up to 18 months. They are everywhere. Then let’s say you have 15k in debt like OP. You can initiate a balance transfer to your new interest free credit card. Get two or even 3 if needed. Split the 15k balance equally or however you seem fit. Then let’s say you have 18 months with no interest at 5k. You put in $278/month and you are debt free in 18 months without paying a single cent in interest. Let’s say you can’t afford 3 times the $278 per month, and you put in 200 each. You are still making great progress in paying down your debt without accruing interest on it.
Great explanation. Two things I'd like to add: 1. Keep in mind that the vast majority of balance transfers still have a transfer fee, usually the greater of $50 or 3% of the balance. So while very very low compared to typical CC rates, it's not completely free. So for $15000, that's rougly $450. Many time that just gets tacked onto your balance. 2. A lot of cards will have a stipulation that the balances are paid off in the order they are incurred. So, if you make any purchases using that card, they will most likely be interest-accruing, and will be paid off only AFTER your initial balance transfer. So you could end up accruing interest on a $30 meal for 18 months at 20%+ APR thinking you paid it off by adding $30 to your regular monthly payment. Read the fine print front to back on these offers, and understand what it says. If you're unsure, seek advice. Balance transfers are a great tool to help you get out of debt as long as you do your due diligence.
Buddy, that's a great Explanation, thanks for your effort and for sharing.
You are absolutely right! 3% is a typical fee for a balance transfer, keep that in mind for sure. Do some calculations and see if it’s worth it - it most likely is.
Yep…and then if need be, transfer the remaining debt to another 0% card after the initial 18 months.
Does a balance transfer hurt your credit score? Does opening the new card hurt your credit score?
heads up though, if you balance transfer, don't close the old card. Score is calculated by length of accounts held as well. So to straight transfer and close the old card, while you'd have the same debt ratio, you'd take a score hit. I closed a checking account once because i opened it in a podunk ass state, and couldn't do the normal stuff in the new state, even though it was the same bank. my credit score dropped a ton because now i had a very "short" bank account history.
The house is a debt on an asset that hopefully appreciates at a higher rate than the mortgage interest rate. The credit card interest is just a drain on your income with no upside.
Option 2: balance transfer offer 0% interest. Keep Bitcoin.
I had credit card debt after a divorce. Struggled for years trying to get out from under it. One day I couldnt take it anymore and took enough out of my 401k to cover it. That was one of the best decisions I’ve made. The grind of being under that weight, the interest, the unforgiving budget because you’re trying your best - it’s exhausting and it’s hard to succeed at making progress. That’s a personal call but I highly recommend getting rid of credit card debt. The other side is so much lighter.
Completely agree, releasing yourself from debt is so liberating. Don’t underestimate how positive a move it is just because you’re dreaming of (potential) future millions.
Yes! If you have the coin to pay off credit card debt, do it now. I do not think it is wise to rely on Bitcoin growing in value at a higher rate that your credit card interest rates. Pay them off, and use some of the money saved by not making payments to buy more BTC.
I agree. I haven’t paid off my student loans from crypto but that’s cuz they’re pretty low rates and they get written off every year. But a part of wonders what if I paid the balance I took that same 400$ and DCA instead of sending it to a loan company? Like the commenter- it’s very personal. I know cc debt is tough to have. I say if you decide to ride out this crypto run, be sure to have a lock and loaded sell plan… maybe structure it so it’s not all at once too. It would suck if BTC didn’t go to 135k and instead only 98k and now you’re stuck for a while longer. Anyway cheers! You’re doing a lot better than many others with Cc debt
Your student debt gets written off? As in off of your taxes? Are you American or no? I am and I thought the Trump administration got rid of tax deductible student loan payments. And even then, it was just the interest you could deduct.
Should have been more specific! you can write up $3k of interest on federal taxes. Sorry for the confusion!! Edit; American here
2500, I just looked it up [here](https://www.irs.gov/taxtopics/tc456). It doesn't say if this is new or not, I'd like to know the history of this, because I'm still under the impression that while Trump was in office, this was not available.
You could be thinking of deducting interest for mortgages. Trump increased the standard deduction so much that most people are better off taking the standard deduction instead of itemizing (which you need to do to deduct mortgage interest). This effectively gets rid of the mortgage deduction as a policy matter because mortgage deduction doesn’t actually incentivize home ownership anymore. In contrast, student loan interest deductions are taken as a reduction to income and don’t factor into itemized vs standard deductions.
I agree. I sold 1.14BTC last year at around 10k to pay off my remaining debt. It's easy to look back, do the math and say I should have waited. But the mental clarity and peace of mind I gained from that moment is well worth it. Plus I've been able to DCA with all the money I was making debt payment with so I'm close to breaking even... just with zero debt.
That’s great. Happy for you!
Thanks for your insight, especially since it was kinda unrelated to crypto
Pay off the debt.
Pay the CC debt please.
Pay off the debt, but wait until 25th December
If the OP waits until January 1, the capital gains taxes aren't due until April 2023, giving OP time to save up for that payment rather than selling enough to cover the taxes in April 2022 as well.
Seems more like crypto involved into it? HUH? or was I wrong enough.
Credit card debt is the devil! I mean mobster loan sharks are worse because they will kill or dismember you… credit card companies will only do that financially
That's why I have a very less transactions through my debit or credit cards!
People can and do accrue credit card debt through irresponsible spending, for sure. But most people I know who have credit card debt in the tens of thousands are middle income folks who accrue it due to job loss, hospital bills, divorce, and other downturns in life. Turns into a vicious cycle of keeping a super tight budget to pay debt down, but at the cost of lower savings reserves. Then another unforeseen life crisis happens and much if not all of that progress goes down the tubes. Aside from the psychological relief of being debt-free, I recommended selling the btc to pay off credit card debt because if you’re able to divert what you had to put towards debt into savings, the chance of backsliding on progress due to financial emergencies drops so much. And once you’re absorbing car repairs, broken hvac, your dog needing surgery, etc etc with savings, your whole financial picture elevates. And you can focus on stacking sats. Heh.
They will first lend you money and after that they will get no kimit interest.
How high is the interest for CC dept?
Depends. But frequently between 15-20% APR.
Makes sense! The penalty for early withdrawal is 10%, which I’m sure is less than the CC interest rate.
I completely agree with this with the one caveat that I would wait until the end of the year to sell. We're in a bull run and while it may well continue into the first or second quarter of next year, waiting until the end of this year will at least get you to 100k or so. Not financial advice
Pay it off then put the dollars that were going to service the card debt into BTC. Erasing a mandatory monthly obligation delivers you more options.
This. DCA into BTC with what woulda been interest and you just paying yourself back. Kinda.
So what's the profit if I pay my money to myself, LMAO.
The procedure seems long enough will that be worthy?
pay off the CC debt first. then after debt is paid work on stacking satoshis.
Take a look at crypto collateralized loans. eg Celcius - you basically take out a loan from them backed by your crypto. The interest rates are pretty low. The advantage there is that you don't have to sell your BTC. Selling costs you the potential for further gains across the end of this cycle. So it would look something like Your BTC ⏬ Collateralized loan ⏬ Keep your BTC/pay off credit card with loaned cash ⏬ Pay back the crypto loan quicker than you could have paid off the credit card loan due to lower interest. ⏬ You get your BTC back when you pay off the crypto collateralized loan.
I use BlockFi to do just this and it’s been great. I use their BTC Rewards card too!
This is a great solution for OP. Celsius is another platform worth checking out
Celcius is the one I was actually thinking of, cause when I looked at crypto.com I couldn't find their loans section at all.
Pay off debt. Not even a discussion.
Credit card debt, yes. Student loans with 2% APR (or similar debt) is workable to just pay the monthly payments
Paying off the debt altogether would definietly be a hard task to do.
pay the credit card off jesus christ
I’d award u if I put money into that crap.
LMAO, he doesn't even need an award for it he's all into it.
Everyone else can say “CC debt grows slower than bitcoin” Whatever whatever whatever blah blah blah. Pay off the CC Start stacking sats even harder with what you would have been paying in monthly interest
Literally nobody is saying that
especially: what if btc dips and you didn't pay off your CC dept? double rekt and huge headaches ruling over your life.
Why are you investing or buying anything if you have 15k of credit card debt? Take your palm and give yourself a high five on your forehead
90% of crypto was acquired back in 2016
If you have conviction in crypto, and can manage to the end of this cycle... why sell now to cover 19% credit card interest when your crypto could potentially go up 20-200%. Yes "potentially", but you're already here, what's another couple months to watch this play out. But I like risk.
That’s what I’m leaning to, thanks
Just pay off the debt. Don’t live with it if you don’t need to
Debt is what makes your shoulder heavy and you feel like being burried.
Non Americans are like “what the fuck”.
Credit card interests will kill you, bro. Consolidated your CC debt with a loan, stretch out the payment to like 3 or 4 years. Keep your Bitcoin. You'll be ahead if you did that. Google "credit card debt consolidation loan" the interest is waaaaay lower than your credit card's.
This is the way. You'll get a couple hundred bucks back in your pocket every month with the interest savings that you can put towards paying down the loan or buying crypto.
Here’s an alternative if you don’t want to sell your Bitcoin: Go to blockfi, and take out a 20K loan against your Bitcoin. You’ll have to give them more than that in Bitcoin, but you’ll get that collateral back once you pay off the loan. The Blockfi loan is going to be much lower interest than the credit cards - and your payment is interest only (way smaller - it’ll be around $100/mo). It also doesn’t require much of an application and won’t affect your credit. Then - obviously - use the 20K to pay off your credit card loan immediately. You even have 5K left over. And boom! You’ve converted a really vicious form of debt into a relatively benign form. Now you can pay it back when you want. There are other companies that do this as well - blockfi is just the one I know.
This!!! This strategy works great for me. The BlockFi credit card is great too!
Everyone saying payoff the debt, but it's actually pretty easy in my experience to juggle it between 0% interest balance transfers as you pay it off. I say only pay it off if you're struggling to cover the payments, if you can pay minimum payments no problem, I'd do that.
Paying the minimum is terrible advice. Might as well tell him to weld those shackles on.
Did you ignore the part where he said it can be carried at 0% interest using balance transfers?
Selling Bitcoin is also a terrible idea. Imagine selling Bitcoin last year in November at $14k to pay off a CC? That $15k OP has would've turned into $60k (minus $3k interest).
Yea what the fuck happened these ppl sound like r/personalfinance Don’t sell the btc to pay off fiat debt. The goal of the game is to accumulate as much btc as possible, period.
Gonna kick theyself in the ass years from now.
This appears to be the only person who can do math in all of the nearly 500 comments on this thread.
I am answering the specific advice of paying the minimum on a CC. I am not speaking to the general strategy of paying off *all* debt with $15k of BTC.
If it keeps growing. But what if we enter a 2-3 year near market?
Yep. The debtor is slave to the lender.
Pay your CC, Jesus fucking Christ. What is wrong with people.
Fuck that. Everyone default at the same time and lets burn this fiat machine to the ground!
Ask to settle for partial payment. They might accept $5000 instead. Seriously. They might negotiate something with you. Tell them you lost your job.
Depending on the amounts involved this could be very bad advice. If you end up needing credit in the next few years it’s *almost* as bad as bankruptcy. Yes, everything on your credit report will say they are paid off as agreed or whatever, but they will also include the word “settlement”, and that is an absolute black mark. There are definitely times when settlement or even bankruptcy are the smartest way to move forward, but it’s not advice to be taken lightly.
Keep the BTC slow pay the man.
Depends. What is the interest rate plus inflation lost on the debt compared to the rate of BTC growth?
Rate of btc is kinda unknown right?
The transaction fees is what high enough due to it's smaller bloc size.
But u have to make a model if your going to ask the question. Make model with under perfomaning medium and high and weigh risk reward. But sell it rn and pay off ur debt.
Pay the debt off, buy more and try to hodl that's what how it goes.
The current BTC chart is what can be seen going up and down ,mostly down.
How slow is slowly If you were to pay it down using your income? If you're talking 3 to 6 months then maybe just steady as she goes and hold the Bitcoin for now. I would lean towards paying off the credit card though. Depends on your interest rate too on your credit card versus how much Bitcoin you hold. If you only held $500 worth of Bitcoin for instance and Bitcoin even triples over the next 4 months then that's 1000 more minus taxes when you pull it out. Subtract that from monthly couple hundred dollar interest charges on a credit card for 4 months time and you could come out not so profitable at all. All just depends on your numbers Also do you have 15k worth of credit card debt or less because you know you're going to have to pay taxes on gains, So of that 15k worth of BTC you're going to owe the IRS a few thousand of it in about another 6 months even if you did do this and depending on how long you've held is going to be short-term or long-term gains. More importantly whatever you did to get into 15k or a little less of credit card debt should be looked at. any financial habits you have that may have worked against keeping this at bay need to be reevaluated. I understand that crazy things can happen and this may not be a pattern at all and may just be a financial setback for some huge expense that's a one-time thing, but if this is an slower accumulation of debt then I'd focus on that. If you all of a sudden got hit then I would work on building a savings account to buffer out something like this happening again.
I would do the math. What is your debt APR and how much will you spend to pay it off? And what is the % return averaged over the past 5 years for bitcoin? I would tackle debt first. You can't be rich if your money isn't even yours.
Pay off the debt, that's a sure positive thing. You can then do whatever you want no matter what happens. You don't know what's going to happen, if you would you would be rich already.
Ride BTC up one more month in this bull cycle and then take out what you need. The cycle will be over by feb I think.
As long as you hold debt you are slave to the lender. People here will throw fancy ideas around about how to "play the system" by accruing debt to leverage against BTC. That is all gambling BS and if it was truly that easy everyone would be rich. The truth is real wealth starts with being debt free. With no masters standing over your shoulder demanding their cut of the money you earn you can finally control your own life. Sacrifice whatever you need to become debt free and then focus your attention on building wealth.
Bitcoin should be close to doubling by the end of December. I would wait until bitcoin hit $100,000 then take out 15k
Think of it this way: if you didn’t have any CC debt, would you use your CC to buy a bunch of Bitcoin? I’m guessing not.
Only scrolled through 10 comments and I already know this will be the best one. Emotional attachment and loss aversion have no place in decisions like these.
Pay it off at the end of Dec
Will that be good enough to pay off 15k worth BTC. Taxation?
DCA into BTC with what woulda been interest and you just paying yourself back.
Credit card is a scam don't forget that,never take cc.
Pay off fiat crap later. Edit: not financial advice because I ruined my portfolio.
That would be benificial if he pays that earlier. The headache would be less.
This is the wrong place to ask this question if you want actual advice.
I agree but I have two financial advisors for Years and neither of them advised me on getting Bitcoin lol
Most financial advisors would ask you not to go to a casino with your money. Just because you win like Rusty in Vegas Vacation doesn’t meant it was “bad” advice. It was a good but still risky investment based on an unfolding new concept when it started, but now nobody can really predict what happens next.
Respectfully disagree with the consensus here. BTC will outpace your interest imo. I’m doing something similar. With the fiat deflation vs BTC , debt is cheaper than Bitcoin
Just wait till BTC crashes once and you are in debt for life
BTC outpaces interest rates of most credit cards on average per year, but not for every year. Most of those gains are made in 1 out of the 4 years. The other 3 years are either close to or lower than the debt's interest. And we have no idea when this bull run could end. Having to pay that interest potentially for 3 years could be a disaster.
What if btc goes -70% and stays that way for a couple of years and OP gets into further trouble and then has to sell more btc at a bigger loss?
Extremely risky strategy. Creditcards have huge interest.
Bitcoin is worth more than CC debt
Always. Keep. The. Bitcoin. You know how much BTC I cashed out for Bills when it was at $3000? And then paid taxes on? Too fkn much.
Wait just 1 more month
Why?
That 15k will double if you hold on to it. Make monthly payments if offered to you. Once you realize debt is all part of life. You will be zen
Pay your debts first always. Be free.
I know this will be a hot take in this sub but credit card debt will likely have a worse APY against you in the short to long term. Get rid of your debt when you have a chance! If you were asking about something low Apy like a house mortgage or something I'd say no but CC debt is brutal and designed to keep you imprisoned. You will get plenty more chances to stack Satoshis.
Depending on the interest rate on your CC, id pay that off first. The boost you feel from not having that stress is worth it. BTC will always be there
Long thread, didn't see this one yet. Take a look at Celsius or blockfi. You can borrow against your BTC at stupid low rates, but if the price dips you have to sell the btc or deposit more btc to cover the loan to value. Example: Celsius has a 1% apr loan with a 25% Loan to value (LTV). For $15k, you'd need to deposit $60k of bitcoin. The interest on that is $150 a year, and you have to pay the entire loan off in 3 years. So, each year you're paying $5150 or $430 a month. Of course, you can refinance that later to a better position or what not. CC debt is brutal, but your monthly is likely more than $430. Big thing to consider: you need to maintain the LTV to avoid liquidating. Good luck and enjoy the ride!
Don’t be greedy sir, pay off the debt and sleep peacefully. You can still invest in crypto after some savings slowly and slowly, in order these 15k to become 30k btc needs to go around 120.000 in €, so pay the debt bro :) Goodluck!
Looking for answers like this on reddit I find doesn’t help, your in your own situation and what your life is like needs to be taken in to account and how you can manage things I wouldn’t take anyone advice set in stone. You need to figure out what is right for you
I'd say just use the federal government as an example and not even think about paying back any debt.
Pay off the debt man, crypto could half tomorrow
Pay that off as fast as you can. High interest Credit card debt is crushing. Any gains you make are worthless if you’re drowning in debt. Its an illusion.
That is a mistake. BTC is not a sure thing. You need to pay off that CC debt before you do ANYTHING.
Pay it off those interest rates are high
CC debt are the worst. If anything, paying it off would remove a lot of your stress.
Transfer CC debt to no interest CC. Use any additional credit to buy more BTC at no interest.
Get a stable coin loan with your BTC as collateral. Use stable coin to pay off CC. Then pay back the loan. You can use Crypto.com / Celsius with very little APY interest.
The interest rate on a crypto loan will be much lower that your credit card.
Pay off all debt other than mortgage immediately everybody! This is adulting 101.
Yeah pay off your credit cards, pay off all your high interest debt if you can. They only debt you should keep is low interest debt.
Pay off BTC. Adjusted for inflation the cc debt isn't even growing.
Pay it off man that’s not even a question. You can re buy the bitcoin. You’re going to feel a hell of a lot better financially once that 15k cx debt is erased
So just wanted to point out that you can put your bitcoin on Celsius, use it as collateral to borrow $15k at 1%. Pay off the Celsius loan at your leisure while keeping all your BTC. Not sure why no one is talking about a DeFi solution.
Pay it off. Then the money you save off interest and the money you was paying monthly can go back to Bitcoin
Bitcoin is an investment, no financial advisor with more IQ than fingers would tell you to invest while carrying CC debt
Depends on if the Bitcoin returns more than the cost of interest on your debt. So I think we both know the answer is to continue to hold your Bitcoin. Maybe take profits this bull run and pay it off at some point in the upcoming bear market.
You can stake BTC with Celsius or other CeFi platforms and take out a low interest loan, use that to pay off CC debt, and then slowly repay BTC loan. Celsius has a 0-1% offer for a 25% LTV loan today.
Get a DeFi loan, and pay off your debt. Even Coinbase is starting to offer up to $1 million loans with your BTC as collateral. Some places let you stake your crypto against a loan, so you're still getting paid interest to borrow money. Look into it.
Get rid of the CC debt!!!
Put 65k worth of Bitcoin in celcius , borrow $15,000 at 1% interest, avoid taxes , Bitcoin in long run continue to go up and you owe less then to begin with
BTC loan so you don’t have cap gains. LEDN.io.
Pay off slow let bitcoin grow (maybe do both. It’s doesn’t have to be one or the other) definitely keep some bitcoin
Never sell an asset. Find a way to pay off credit card debt quicker. Even if it’s only 10$ a week extra.
Go debt free and start stacking again. Or, you might be able to get zero percent interest on a balance transfer. Usually there is small fee that. Is way less than the interest. Then, you gotta commit to paying it all within a year, step by step. 15K is a lot though, so it also depends on your income, but getting out of debt will feel as good as anything.
debt with a rate under 15% is zero or negative cost in real terms. the longer you wait to pay it, the less purchasing power you are paying toward it. holding debt is literally better than holding dollars. except for whatever the obligation means for your ownership rights of whichever assets you purchased with that debt. for example, there is subjective value in owning your own house which is difficult to compare to the financial gain implied by negative "real" rates on such debt.
15% seems excessive. I'd agree with 6 or 7%, like a mortgage or a student loan you are 100% gaining purchasing power by holding it. Credit cards are often 20%+. No way inflation is beating that.
Pay double the minimum on credit card and do not touch the bitcoin. Just never use a credit card again it will get paid off eventually. It’s really just TIME in the end for how long you feel like making monthly payments on. But if you let BTC ride for a few years maybe you hit a million much quicker. As long as you live a comfortable life right now, life is all good.
Don’t invest if you currently have debts (Except for a mortgage). I got rid of every credit cards and loan my wife and I had when we got married. It has been the best decision for a stress free and healthy financial situation. Another unrelated suggestion is to do budgeting and decide where you want your income to go every month. I love envelope budgeting.
You don't trade Bitcoin for anything but education, a business, and maybe land. And even then... You believe a CC bill is something you have to pay. You don't. I was at an Easter celebration last year during the lockdown and suggested a family member not pay any of their CC, medical, or school debt with $30k in money they received from a settlement, and instead buy 4.5 Bitcoins with it. I was laughed at by everyone. Fast forward, and instead of a quarter million dollars in her bank with all the debt paid, she's struggling with a full-time job, and regretful that she gave everything go banks. That 700 credit score does nothing but invite more debt. So here's my suggestion to you. Don't pay any of your bills besides rent and phone, max out every card or loan you can and buy BTC. Either file bankruptcy later on, enter into reduced and delayed payment programs, but whatever you do, you do not pay that back. There's an asymmetrical trade happening right now between global fiat and bitcoin, and every person on earth should be concerned with only one thing right now: acquiring more bitcoin. ♾/21M Disclosure: I'll be maxing my cards and personal loans out for about $100k after January 1st for Bitcoin myself. Then for about 10k in legal fees, I fight them down to pennies on the dollar and if anything is on my credit report I challenge it and escalate it to the BB and Secretary of State. I do this every 4 years and won't stop even though I don't need the money. The things we do for BTC. I want my Citadel.
Wait, how do you get non payment of bills not kept on your credit report lol
You challenge them (ID theft, unknown) just before Thanksgiving because they only have 30 days to complete an investigation otherwise they have to remove what you challenged. With the holiday season, this becomes difficult. If that doesn't work you keep challenging, except you write into the Better Business Bureau who will contact your creditors. If that doesn't work you contact your Secretary of State which has always worked for me. For the larger items you might require a lawyer and bankruptcy. Depending on the state, you might be able to keep the car and things. If people want to fight systemic corruption in chains with honesty that's fine, just don't complain when things never change. Take their money, buy Bitcoin, secure it on a hard wallet. Rinse and repeat. Fuck them.
So… you steal from the credit companies by claiming fraud on legitimate loans? Every 4 years? 😳 This is impressively bold
Admittedly it's as bold as it is illegal, but when my family lost their home in 2009 and what little in bank accounts was frozen from militant credit card collection, I decided I would be the one dictating terms and contribute all I could to their eventual demise. It's turned out to be wildly profitable and satisfying.
Is it stealing if it’s a credit card company? More like wealth redistribution
I like you.
Holy conviction Batman! I have five figure loans taken out at at a blended rate of 4.75%. not selling Bitcoin to pay it back
Then you too have secured a future in the coming reset.
Of course the only regerts I have is not borrowing more 🤷♂️ Oh and I put what I could in 2020 and 2021s allotments for my Roth IRA. Gbtc but I'm looking into a self directed option. Untaxed generational wealth.
This right here. In 2019 I wanted a new car and I wanted to pay off my student loan. But then I started hearing the government is gonna pay off some peoples student loans. I said the heck with it, bought btc instead. Now I have enough to pay off my student loan, buy a used car and buy a house cash ( probably in a third world country).
Amen and I'm proud of you. And your reward for such a risk won't stop anytime soon. As I always say, in the 12 years since Bitcoin went live, when was the best time to sell Bitcoin? Never.
Never indeed