It's more like a car loan when you are debt. Do you continue to pay the $450/month or do you sell the car, and take out a $3k loan to cover the difference of what you can sell the car for and what you owe? say you sell for $15k and owe $18k.
Sure you need a car, but you buy a beater for $2k = new amount owed $5k. The idea is you just dumped $18k of debt for $5k. A third of the amount!
Sometimes you have to stop digging.
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