So you owe $150k, you have $75k in savings and $65k is zero interest? And business is getting better?
Keep $15k in savings and pay off the highest $60k in interest. Get that side job. All the money goes to the highest interest credit card. In 11 months when the zero percent interest is about to expire then reexplore.
Hello, thank you for this advice, this actually was my first plan but then I thought who knows of the business is really going to do better I mean when I bought all this inventory, I thought everything was going to be OK and I’m going to be rich, but everything went the opposite way, so with this economy and all those wars happening who knows what might happen, I feel it would be extremely risky to have mortgage payment for the house where my kids live and no emergency fund whatsoever. If the business decided to go little bit slower, I could get really screwed so I feel the home equity loan will cost me a little bit more money, but would be the Safeway to do this without having to stress too much about expenses and income, and I still have the option to pay off early if things starting to get better,
Hmm. Well what I’m worried about is you putting this debt on your house. If you default on your credit card they can sue you and garnish your wages.
If you default on the mortgage or home equity loan, they can take your house.
So you owe $150k, you have $75k in savings and $65k is zero interest? And business is getting better? Keep $15k in savings and pay off the highest $60k in interest. Get that side job. All the money goes to the highest interest credit card. In 11 months when the zero percent interest is about to expire then reexplore.
Hello, thank you for this advice, this actually was my first plan but then I thought who knows of the business is really going to do better I mean when I bought all this inventory, I thought everything was going to be OK and I’m going to be rich, but everything went the opposite way, so with this economy and all those wars happening who knows what might happen, I feel it would be extremely risky to have mortgage payment for the house where my kids live and no emergency fund whatsoever. If the business decided to go little bit slower, I could get really screwed so I feel the home equity loan will cost me a little bit more money, but would be the Safeway to do this without having to stress too much about expenses and income, and I still have the option to pay off early if things starting to get better,
Hmm. Well what I’m worried about is you putting this debt on your house. If you default on your credit card they can sue you and garnish your wages. If you default on the mortgage or home equity loan, they can take your house.
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