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Debt Discussions about debt and how to deal with debt.

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  #16  
Old 11-13-2011, 11:23 AM
paulmac paulmac is offline
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Default Re: Pay down mortgage or credit card?

I am new to this - but I respectfully agree with littleroc --- Now is not a great time to open oneself to the potential rsk of incurring more debt (if for some reason you lose your job or some other negative variable occurs.P
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  #17  
Old 11-14-2011, 09:26 AM
littleroc littleroc is offline
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Default Re: Pay down mortgage or credit card?

I guess your not getting my point, if you are to take out a 12k line of credit, does that not mean your 12k further in debt. Please help me understand where my math is off?????
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  #18  
Old 11-14-2011, 04:28 PM
leite2 leite2 is offline
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Default Re: Pay down mortgage or credit card?

Quote:
Originally Posted by littleroc View Post
I guess your not getting my point, if you are to take out a 12k line of credit, does that not mean your 12k further in debt. Please help me understand where my math is off?????

No, a line of credit is different from a loan. You only pay interest on what you use. If you look back where I explained how this is set up: the line of credit account becomes your primary account. You're depositing your salary there. So you're never using up the entire $12,000.

My son is willing to host a webinar that explains exactly how this works. It takes about 30 minutes. If anyone is interested, you can email him at Leite.business@ gmail.com (don't put space between "@" and "gmail". I had to write it this way in order to be able to post).

Last edited by leite2; 11-14-2011 at 04:37 PM.
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  #19  
Old 11-15-2011, 10:25 AM
littleroc littleroc is offline
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Default Re: Pay down mortgage or credit card?

So let me get this straight if you have a 12k line of credit and you use some of it and pay interest, your saying your not going into debt at all?????
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  #20  
Old 11-15-2011, 10:26 AM
littleroc littleroc is offline
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Default Re: Pay down mortgage or credit card?

By the way what your selling is something that I wouldn't ever use and would never tell anyone to use.
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