Hi-- I bumped into this regulation and I wish I knew about it a year ago, I MIGHT not have strategized the way I did.
For those who are unaware, Mass is a very consumer-friendly state. Mass limits the amount of interest a lender can charge to a borrower on a personal loan at or under $6000 to 23%.
It also limits the fees associated with same.
at $6001 and up, you're on your own.
I am not a lawyer. More here:
https://www.mass.gov/regulations/209-CMR-2600-small-loans-regulatory-board
Rebuilding is like smoking a brisket: it takes a lot of love, the right spice, and a ton of patience. You don't rush a brisket-- it goes low & slow. Sometimes, you need a crutch through the stall. In the end, the process matters.
2021 goals:
1) GARDEN until I app for Mortgage.
2) Pay Down overall revolving debt aggressively and accountably, to under 30%, including my HELOC.
3) Don't waste the gifted 0% time on the student loans.
4) Ultimately, refi the house at non-usury terms.