Yoder
WKR
- Joined
- Jan 12, 2021
- Messages
- 2,004
I was $25k in credit card debt at one time, had two car loans, 401k loan, second mortgage, hot tub loan, camper loan. The only thing that saved me from bankruptcy was selling my house. I was able to pay off everything. Before selling the house, I refinanced it twice and borrowed against my 401k twice. This is an awful way to live. Nothing but stress and worry.
My advice would be to first, get your spending under control for at least 6 months before you try a consolidation loan. Completely change how you are currently mismanaging your money. If you don't do that, I guarantee you will just piss away all the money you borrow, then rack up your credit cards again. Then you will be completely screwed. Dave Ramsey may not be a financial wizard with complex investing ideas but he will get you out of debt if you follow his plan. Right now, my house will be paid off in October, I have an emergency fund of $10k, no credit card debt and my only other debt is a $5k car loan which will be paid off in the next year.
My advice would be to first, get your spending under control for at least 6 months before you try a consolidation loan. Completely change how you are currently mismanaging your money. If you don't do that, I guarantee you will just piss away all the money you borrow, then rack up your credit cards again. Then you will be completely screwed. Dave Ramsey may not be a financial wizard with complex investing ideas but he will get you out of debt if you follow his plan. Right now, my house will be paid off in October, I have an emergency fund of $10k, no credit card debt and my only other debt is a $5k car loan which will be paid off in the next year.
