Paying off personal debt

Board Topic: Pay off debt
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Pay off debt

Posted by: Chet Dec 1 2004, 03:27 PM
What would be the best avenue to use to repay some of my debts. I owe around 20,000 in unsecured debt. I do have a condo that is worth 150,000,( Rental Property) and owe 35,000 on it. My home is worth 169,000, and owe 125,000. I have a few building lots in Az that is worth 36,000 and owe 7,500 on them. I am pulling in extra income from my home based business around 1100 a month and have a salaried job of 40,000 a year. I would like to put all my debt into one pot to pay them off. Any suggestions. Thanks Chet.

Posted by: loanuniverse Dec 1 2004, 11:53 PM


I am of the idea that you should go for the cheapest money available. What is available to you won’t be known until you shop around. My instinct tells me that something that does not require any closing fees such as HELOC or Home Equity Loan might be the best choice.

Of course, you would be swapping unsecured debt by placing an additional lien on your property, but that is the downside of the situation.




Posted by: Char Dec 13 2004, 09:19 PM
Chet,

What is your homebased business? I am looking at starting one, and I don't know where to begin, or which are real.

Thanks,

Char
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