Debt consolidating home equity mortgage

18-Oct-2020 17:50

You get a lump sum of money, often with closing costs taken out, which you can then use to pay off your debt or for any other purpose.

You’ll have a fixed monthly payment and a repayment schedule.

For example, if you run a small business and need ,000 of financing, you can either take out a ,000 bank loan at a 10 percent interest rate or you can sell a 25 percent stake in your business to your neighbor for ,000.

Suppose your business earns a ,000 profit during the next year.

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The two questions to ask when considering any strategy to consolidate credit card debt are: Why five years?

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