19
submitted 4 months ago* (last edited 4 months ago) by ChocoboRocket@lemmy.world to c/canada@lemmy.ca

So my parents got scammed last night, fraud case is open but it's likely not gonna go anywhere and they'll be out 10K - they know better and now they really know better, and I'm hoping to get some advice on a repayment strategy.

They absolutely don't have that kind of money and repayment will take a while.

Plan one is just put it on the mortgage, but they're currently locked in at a lower rate for 2 more years, so adjusting that isn't ideal if it changes the rate. If not, adding 10K to mortgage is no brainer.

Line of credit does carry lower interests, but it will accrue daily, credit cards are high interest, but interest is racked up monthly.

Would it be possible/smart (assuming +10K credit card capacity) to move LoC debt to the credit card for 25 ish days a month to avoid daily LoC interest, and then send the debt back to LoC for 5ish days (transfer time) and have the credit card at $0 at the end of every month? No credit card interest and far less days for LoC debt to accrue interest?

Obviously there is risk in not having the credit card paid off in time, but would this strategy be viable if properly executed?

you are viewing a single comment's thread
view the rest of the comments
[-] FlareHeart@lemmy.ca 21 points 4 months ago

You would be far better off speaking to one of those debt consolidation places than trying to juggle it around like that. I'm not sure where you are located, but hopefully there is one that can help.

[-] Cagi@lemmy.ca 13 points 4 months ago

Yes, speak to a pro. Hiring someone to advise you will save you more than the they cost, especially if you value your time.

this post was submitted on 01 Aug 2024
19 points (100.0% liked)

Canada

7230 readers
638 users here now

What's going on Canada?



Related Communities


๐Ÿ Meta


๐Ÿ—บ๏ธ Provinces / Territories


๐Ÿ™๏ธ Cities / Local Communities

Sorted alphabetically by city name.


๐Ÿ’ SportsHockey

Football (NFL): incomplete

Football (CFL): incomplete

Baseball

Basketball

Soccer


๐Ÿ’ป Schools / Universities

Sorted by province, then by total full-time enrolment.


๐Ÿ’ต Finance, Shopping, Sales


๐Ÿ—ฃ๏ธ Politics


๐Ÿ Social / Culture


Rules

Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage: lemmy.ca


founded 4 years ago
MODERATORS