I started a new home based business in April 2008, purchased a piece of equipment and took out a loan for $20k. A year later, business is very slim to none,
the payments are killing me. I'm not getting enough hours with my parttime job to help with the payments.The lender won't work with me. The rate is
9.99%. I now have the machine for sale, I want out!! My husband and I have an equity line of credit on our home with a rate of 3.75%. We have excellent
credit and even with the housing problem, we have alot of equity in our home. What would be your advise on using the line of credit to payoff the loan, which
would help reduce the payment at least until I can get it sold, hopefully in the next 2 to 3 months. Would it be better to call my bank to try to get a 60 or
90 day loan, they used to do that don't know if they still do. Please advise!!!
