His debt, his responsibility, just as others have said. Take out a bank loan using the 25 acres as collateral, although the bank probably won't advance him more than 65% of the value. EX: 25 acres x $1700 p/a = $42,500. $42,500 x 65% = $28,475. Use the $28,475 to pay off a portion of the debit and sell the rest of the stuff to pay off the other. Cut up credit cards. Based on his credit and lack of discipline, bank should issue the checks directly to the CC companies and require cards to be closed.
Paying a bank loan at 5% - 7% is a heck of a lot cheaper than the credit card rate that is probably paying that is double or triple that. Steer clear of debt negotiation services. Just my opinion.
Last edited by Overland; 04/20/19 02:05 PM.
