My dad has mentioned money problems intermittently and finally let me look at his finances to see what's going on. It's far worse than I thought.
His credit score is about 680. His income and total loan/credit card balances are about $85k. The balances are mainly in high interest 23%+ credit cards, for which he's paying $1700/month in interest. His total debt payments are about $2200.
His house was purchased with little money down a few months ago, so he has almost no equity in the house to do a HELOC.
The only things I can think to try are:
1) Get a 0% balance transfer credit card (Navy Fed has one with 0% APR for 12 months, 0% balance transfer fee, 8.24%-18% APR thereafter)
2) Get a personal loan for the rest, if possible (NavyFed personal loans are 8.19%-18% APR)
3) For the first 12 months, pay the minimum on the credit card and the rest into the loan
4) After the balance transfer promo expires, use the avalanche method and pay off the higher interest account first.
Does this sound like a good plan?
Submitted April 20, 2019 at 04:17AM by TaintedScorpions http://bit.ly/2IGNVOc
