I currently owe $143,000 on my existing mortgage and would like to take out a home equity line of credit of $28,000 (a 20% increase).
For the next tax year I anticipate earning about $22,000 and spending $38,000 (borrowing 40% of what I spend).
With a plan from my financial advisors (Boehner & Reid), I could reduce my spending by somewhere between $170 to $220 next year (less than 1% of total spending).
These advisors have also worked with me on a 10-year plan to get me out of this fiscal hole I am in — their plan will have me adding only $80,000 more to my debt, rather than the $100,000 I would have had done without their excellent services.
I should also let you know that for the past couple of years, I’ve had to trim back my working hours by 9.2%.
But I may be able to grow my income by 1.6% this year, if things work out exceedingly well for me.
PS – I’ll be asking for the next credit increase around November 2012.
PPS – I have co-signers in Greece and Ireland if that helps.
Sadly, add seven (0,000,000) and you get an idea of the idiocy that is going on in Washington … and they have the nerve to call Tea Partyers crazy.