debt consolidation opportunities
I desperately sought a personal loan to consolidate debt and create a carpentry business. Help!?
I am a sailor Retired with 2 children. My goal is to roll all my debts into a single obligation which I can assure you with my military pension, a sum to repay this debt. I am willing to pay an interest rate up to 18% if possible. I am also interested in starting a undertaking high quality joinery that I will provide 30% of revenues for the 1st year being reduced by 5% per year until the debt is paid. I would like an opportunity to speak directly with a lender on these questions. Sincerely, Ron
The keyword glaring in your question is the word "desperate". If you're desperate for a loan it sorta tells me you've made some bad financial decisions now and I do not know if stock debt to a loan, adding high (18%?) Interest and drawing even more debt unsecured business loan is a wise decision for your future. What you really need is a plan … a repayment plan for what you already have and a business plan for your woodworking business. Are you ready to dip into your retirement now? What would you retire? I strongly suggest you separate the two actions … get out of debt and then think about a business loan once you have the means to support it. You can not keep going into debt, if you can not imagine bailout of the debt you already have. I do not want to seem mean or negative here, but rather being honest with your current and future situations. Looks like you have goals but do you plan to achieve them? You should talk with a bank and / or credit union and perhaps with the SBA or a military advisor to help you manage things better. The word "desperate" is an indicator that you are not satisfied with the way things are now. It is normal to want to change things for the better, but your plans sound as a mistake just waiting to be made.
