This New York Times op-ed has stirred a lot of conversation on Facebook and other social media, but I’m curious as to our readers’ experiences trying the same or something similar. The writer of this op-ed, Lee Siegel, indicates the particularity of his situation which made the cost/benefit calculation of taking this step seem desirable for him. In particular, the following cautionary comments of his stood out to me:
“But it is possible to survive the life of default. You might want to follow these steps: Get as many credit cards as you can before your credit is ruined. Find a stable housing situation. Pay your rent on time so that you have a good record in that area when you do have to move. Live with or marry someone with good credit (preferably someone who shares your desperate nihilism)."
Are there other words of advice, caution, or strategy that other readers have—especially in regards to law school loans? To start the conversation, I have heard the strategy of making a nominal monthly payment (say $100 on a $1500 monthly bill) so as to avoid the status of ‘defaulter’ but never coming close to paying back one’s loans.