Here is a breakdown of my debt:
1. Loan against my home (valued around $500,000)
Monthly Payments of $5000. Have to pay till 2030.
2. Credit Card
Total Overdue: $3000. Minimum Payment every month: $130
3. Motorbike Finance
Monthly Due: $300. 10 More Payments to Go.
4. Car Finance
Month Due: $200. 12 More Payments to Go.
5. Money taken from Private Financers - fixed payments, no additional interest or penalties
Remaining Amount: $50,000. Minimum Monthly payment: $2,500
6. Loan Against Gold
Total Value: $15,000. Monthly Payment: $300
My product is trash bags, I have my own brand. I had outsourced my manufacturing. Recently I got into an agreement to take over a factory which has machinery. All I have to do is pay a monthly rent of $800, electricity charges and obviously, labour and raw material, so this will increase my income. This has the potential to net me profits in the range of $5000 - $10,000 per month, depending on market conditions (which are really bad at the moment).
I lost a lot of money in a bad property deal, in fighting lawsuits, and some bad financial decisions.
My current monthly profits: $2500 (Down 300% due to pandemic).
What strategy should I adopt to get on the road of being debt free.
1. Loan against my home (valued around $500,000)
Monthly Payments of $5000. Have to pay till 2030.
2. Credit Card
Total Overdue: $3000. Minimum Payment every month: $130
3. Motorbike Finance
Monthly Due: $300. 10 More Payments to Go.
4. Car Finance
Month Due: $200. 12 More Payments to Go.
5. Money taken from Private Financers - fixed payments, no additional interest or penalties
Remaining Amount: $50,000. Minimum Monthly payment: $2,500
6. Loan Against Gold
Total Value: $15,000. Monthly Payment: $300
My product is trash bags, I have my own brand. I had outsourced my manufacturing. Recently I got into an agreement to take over a factory which has machinery. All I have to do is pay a monthly rent of $800, electricity charges and obviously, labour and raw material, so this will increase my income. This has the potential to net me profits in the range of $5000 - $10,000 per month, depending on market conditions (which are really bad at the moment).
I lost a lot of money in a bad property deal, in fighting lawsuits, and some bad financial decisions.
My current monthly profits: $2500 (Down 300% due to pandemic).
What strategy should I adopt to get on the road of being debt free.
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