I’ve hatched an unhealthy plan. What I would do is take a lump sum of money worth exactly half of my debt and try to use it to pay off the entire debt.
To do this I have to stop paying the debt until it goes into collections, then negotiate X pennies on the dollar.
My credit would be obliterated. That’s the loss. This means no refinancing, no credit cards (obviously) and no new cars with financing OAC. Hmmmm….
The upside is that I get out of debt much faster (6-9 months versus 2 years). And that means I’m not tied down to paying it off, painfully.
Is it worth it?