Posted by CR Smith on January 27, 2006 at 10:13:12:
thanks Ray and Steve. The real estate club is a good idea.
I definitely don’t want to do the entire thing on borrowed money. i think that i will pursue the home equity line and “attack” it like you said.
cc debt is satan incarnate.
never again will i let myself be so stupid.
I’ve got some credit card debt (I know, I know, but I’m young, and got married and accumulated this). My question is, how many other people were in this same situation before making their first deal.
How did you finance the first one? Borrow from the bank, a relative, what? A home equity loan is a possibility, but the prospect of making the first move of an uncertain venture is just scary to me…thanks!
I had about 5k in credit card debt when I started. I transferred the debt to a zero balance card for 15 months and paid the balance off on the 16th month with money accumulated from my JOB. I took a 10k loan from a credit card company at 7.5 percent. I say go ahead and start doing some Lonnie deals with your credit card debt. I’ve never met anyone that created wealth by paying off their debt quickly. Now is as good as time as any. Best of luck in 06.