I found out last night that my wife has $29,000 in debt from 3 credit cards and one online lender (unsure which). She then rolled all that into Freedom Debt Relief for the past 7 months. Her credit is now in the tank as she is defaulted on all of them. She is paying them about $500 a month but apparently can pull the money out at any time?
I personally don't have any serious debt. No credit card debt, a minivan payment, truck lease, house payment. Yes, I understand that her debt is my debt. My credit is in the lower 800's I have about $11000.00 in available savings. We have lived in our home for 10 years and have never used the equity.
I don't know anything about this Freedom Debt Relief place so I am looking for input on what my next steps should be. I am considering going to the bank and asking for a personal loan of $20,000.00 x 36 months and using my available savings plus whatever she gets back from Freedom Debt Relief to pay off everything. I have never had a personal loan before so I don't know what to expect or what the process is to obtain one. Another option I think would be a home equity loan.
So in the end what is the best move for us to get this behind us?
Should we ride out this Freedom Debt Relief?
Is a personal loan the way to go?
If I am the only one getting the loan is the bank going to look at her credit and tell me to piss off?
Is home equity the better route?
Or am I just overlooking something completely or not understanding something? I have never had to deal with something like this.
I am sure some of you will have questions about our relationship and to answer that, we have discussed what happened and I have a good understanding of her troubles. It is hard to explain but it comes from childhood abuse and fear.
In the past we have always handled our own finances for the most part. Moving forward we will both be involved in all the finances and will be discussing them weekly for a while till we get back on track.
Thank you for any input / direction.
Submitted February 26, 2019 at 07:31AM by colocovision https://ift.tt/2NuNUgL
