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@zarour24 wrote:Thank you for your input.
What would be your alternate suggestion?
The way I see it, your only viable option at the moment should include paying down this debt at the most aggressive pace possible. Like finding ways to put a considerable amount more towards it than you already are.
Once you pay it down significantly, your options may be more plentiful.
Youre carrying a HUGE amount of debt. Don’t lose sight of that and don’t amass any more. You’re lucky your family members are flexible and willing. At this point, I’d keep the debt unsecured and pay it off very quickly. For many reasons, you’re on a slippery slope.
Personally, if i had a $15k a month income, like you have - I'd throw $10k a month at the debts and be pretty much done in just over 10 months - still leaving you $5k a month to get by on (which, in itself, is more than a lot of people make)
The safest and smartest move IMO is to go to the family member who has some equity in their residence (if). You can get a HELOC at a very low APR and then use it as needed. This will allow you to still amass new credit lines and pay off the current debt.
@tussking wrote:The safest and smartest move IMO is to go to the family member who has some equity in their residence (if). You can get a HELOC at a very low APR and then use it as needed. This will allow you to still amass new credit lines and pay off the current debt.
The consideration should be given that the OP is then turning a large amount of unsecured debt into secured debt.
I would not want to secure the debt with an asset, mine or anothers.
@zarour24 wrote:Thank you for the reply and consideration. I do have a great family and I know it is an unusual situation.
I do have a business - I recently switched from S.E. to an S-corp but I dont have much understanding of how to get TLs and estab credit.
I have some homework to do there.
Whats the worse that could happen if I do the CC BT route?
Thank you, if AA occurs and accounts are shut down, how does that read on a credit report? Closed Account?
Wow! Thank you - I'll look into that. It would be nice to get a nice SL with them even if BT is limited to help with Util.
Im close to that, about 8k to debt each month. Some months more, some less.