Sorry about the delay, folks but we were having some technical difficulties. Let's get back to the show!
Caller 1, you're on the air!
Ya, hi, I'm over 150,000 in debt, not including my mortgage. I'm fearing that I'll have to give up my lifestyle and everything I own. Is there anything I can do?
Well, I do have one piece of very good advice, find a really tall building... No, I'm just kidding! but seriously, the one thing you can do to take evasive action on that kind of debt is to, hold your applause, go further into debt! Ya, as crazy as it sounds, if you go another 300,000 dollars in debt and buy a condo, you can rent it out and slowly pay of that debt, plus the mortgage with the rent. And once you're almost out of your financial rut, you can sell the condo for a profit and be completely debt free! But you'd have to show the loaner that you have a solid plan to repay both debts. But if you're looking for something more immediate, the only thing there is to do is work harder, spend less, or take the easy way out by borrowing money from someone that trusts you for no interest, then pay them off without worrying about growing debt from interest.
That's all the time we have today, but send in your problems and/or questions to munnybagz@yahoo.ca and we'll answer them tomorrow! (unless i don't get any questions to write about)
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Hey, I was just wondering how this method would work, When you are that far in debt (150,000) the bank usually does not allow you to take out a loan, let alone a second mortgage, Please answer my question!
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