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Finance and debts? |
recently, i went to a financial advisor for help and he stated that he can get rid of my debt(150,000.00) in 5 yrs max just by me getting a software from him for 3000.00 dollars and a home equity line of credit with a variable rate(not fixed but variable rate). This software will help me merge and manage my money properly on my computer and this way I am aware of where my money is going. My question is has anybody heard of anything like this and is it a good idea to get a variable rate for the home equity line of credit or should i get a fixed rate. Also has anyone used this before and do you think it is a good idea to do this? I currently have an equity of 400,000.00 dollars that i can borrow from, Please help me. Ask this "financial advisor" how much money this software will save you in the first week. Then fire him & find one who isn't such a snake. There are no tricks to get out of debt and the only one saving money will be the adviser. $150,000 debt is $2500 a month plus interest for 5 years. There is no way around it. You can pick up any of several of those money management software programs at any office store for under $100.00 Are you kidding me? You can get a $400k line of credit? You're a successful and obviously smart person...go to another source that's not gonna jack you around. And the VARIABLE rate? Could go UP instead of down. Sounds fishy. that sounds a little questionable to me. 3 thousand more dollars of debt? i would consider a second opinion. i would definitely consolidate all your debt though. can you get a loan from a bank and pay off all your debt instead? be careful to check all options. you don't want to end up going bankrupt. good luck. and for god's sake, lock up those credit cards! consider all options before this, screw the software and go some place else. Go to the bank or some private loan agencies and ask for the loan to pay that off and get good interest and everything. 5 years is so short for that amount of money |
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