Need advise. my friend Financially crippled.

[cescan]

A few days ago,I met up with this old friend of mine. He told me that he owes the multiple banks total up to 300k credit card debt.He had a landed property(valuation 1.9mil) with 800k loan monthly installment 3.6k and a car 1.2k per month.

[fatguyyyyy]

If he had that kind of money, he should be good?

[crystalsum]

Well i think he is old enough to take his own responsibilitys

[Brewins]

300k is OK debt if he has 1.9M property.

[railzand]

wish I had a million to juggle with

[minerpumpkin]

Don't sell him Bitcoin as some magical pay-back-your-debts-in-a-week solution! If he has a steady income and such an expensive house, he should try to negotiate good rates for the credit card debts. Maybe he needs to settle for less and sell the house. Hell, he still comes out positive!

[onlinepro]

Tell him to sell his house, pay his 300k and buy Bitcoins with 1.6 million and move to your basement
After couple years he can buy his house back and still have couple million 

[kittycatbtc]

Dude i dont even own 0.2 BTC fuck that.

[Gumbork]

A few days ago,I met up with this old friend of mine. He told me that he owes the multiple banks total up to 300k credit card debt.He had a landed property(valuation 1.9mil) with 800k loan monthly installment 3.6k and a car 1.2k per month.

Just sell the property and pay back all the loan. Problem solved..

[dadugan]

A few days ago,I met up with this old friend of mine. He told me that he owes the multiple banks total up to 300k credit card debt.He had a landed property(valuation 1.9mil) with 800k loan monthly installment 3.6k and a car 1.2k per month.

Can always refinance the house and pay the credit card if the credit card rate is higher than refinance rate.

[Tichi]

Well if he doesn't have any other extra money or things he could sell to get 300k , then the only way is to sell his property and pay those 300k and idk buy another property for 1.6m or buy just buy a much cheaper house or flat for 300-400k and invest a lot into bitcoins , he should invest at least 400k into bitcoins. that's my opinion.

[Gumbork]

A few days ago,I met up with this old friend of mine. He told me that he owes the multiple banks total up to 300k credit card debt.He had a landed property(valuation 1.9mil) with 800k loan monthly installment 3.6k and a car 1.2k per month.

Can always refinance the house and pay the credit card if the credit card rate is higher than refinance rate.

I dont think any bank would want to refinance if he have 300k credit card debt. It is just too risky for banks..

[leex1528]

A few days ago,I met up with this old friend of mine. He told me that he owes the multiple banks total up to 300k credit card debt.He had a landed property(valuation 1.9mil) with 800k loan monthly installment 3.6k and a car 1.2k per month.

Umm, tell him to stop buying so much stuff?  I mean with debts like that I am assuming he is making a good chunk of money.  Sell  his 1.9 mill house and get maybe a 500k house?  Problem should be solved.

[commandrix]

He shouldn't have let himself get that deep in the hole. But tell him to sell the house, rent a decent apartment and use the money to pay off the credit cards and the loans. And if he has any spare time, tell him to do some freelancing for Bitcoin so he can speed up the process of paying things off.