Re: Financial situation, please give input.
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Posted by lawguy
(207.68.86.95) on March 24, 2003 at 10:03:21:
In Reply to: Re: Financial situation, please give input. posted by Greg on March 24, 2003 at 09:47:57:
Yes, you would be doing a very good thing by moving the debt to 8%. It would be very good for the company, and very bad for you. The secured/unsecured issue aside, you could sit down and calculate just how much it costs you to do this in the long run. You will be paying an extra 2+% on the balance owed against your house, for 15 years. You will drop 10-15% on your credit cards, but you will be paying against them for the next 15 years as well. Calculate your total interest paid under the terms of the 8% mortgage. Now calculate the total interest paid on your credit cards until you get them paid off (how long? 1 year, 5 years? etc..). And add that to how much you will pay in interest on your current mortgage until it is paid off. I bet you will see an astounding difference. Also, I strongly suggest to everybody that any debts you incur be through local banks and stores. That way you can meet with somebody face to face, shake their hand, and look them straight in the eye. Don't incur debts over the telephone, particularly liens against real estate!!! I would even suggest getting all your credit cards through local banks. Thats just how I prefer to do business though...
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