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[–] 4 points 2 years ago (2 children)

Your second option is 2 options. You dont need to default, just never finish paying it off.

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  • [–] 9 points 2 years ago* (1 child)

    The terms of a loan boil down to "we'll give you x, pay it back plus interest in y amount of time". How do you stretch something with a legally binding predetermined end out indefinitely without hurting your score or financial wellbeing?

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  • [–] 5 points 2 years ago (1 child)

    Take out a personal loan for the balance?

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  • [–] 4 points 2 years ago

    Isn't that just kind of burning money at that point, i.e. harming your financial wellbeing? Also, aren't personal loans seen as "bad" for credit score purposes? I had to take one out a few years back and my score dropped like 45 points within the week

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