My mum has 30k PAJAK GADAI debt. Ideas on how to solve it

[charley18]

@trendymom2 this is why she wants it back

 

[trendymom2]

@charley18 Let go of the gold is the best course of action.

 

[charley18]

@trendymom2 unfortunately cant

 

[lunamu]

@charley18 You are right, personal loan is a bad idea. You are putting interest on interest.

0% is the only way to go. But realistically, the cash advance idea would probably not work for you. Here's why: 0% cash advance is usually up to 90% of credit limit, and for a 1 year term. So you'll need to be approved for a credit card with close to 30k limit, and pay back close to 2k per month. Otherwise the normal credit card interest applies.

I'm afraid you don't have any other good choices but to let the gold go.

 

[charley18]

@lunamu thanks for the input. i understand your point. 2k is a little too steep

 

[jesuslovespancakes]

@charley18 You said that the gold is too valuable. Is there any way for you to verify the total value of the gold? If you can't, then it's a risk that's not worth taking.

 

[charley18]

@jesuslovespancakes i will get it verified.

 

[mandy18]

@charley18 let go of the gold and let that be a lesson to your mom not to believe in investment scams anymore

 

[charley18]

@mandy18 my grandmum's gold from the 80s are there. my mum pawned it for a lower value.

 

[adenazk]

@charley18 Choose a few with the highest sentimental value and get those back. and let go the rest. Totally not worth it to go into loan for getting back the gold.

 

[charley18]

@adenazk i think this is the way to go

 

[tulipa]

@charley18 just lelong it for less headache

 

[charley18]

@tulipa how does that work?

 

[octavia]

@charley18 Let the gold go bro, don't take out a loan to settle this, believe me, been there

 

[charley18]

@octavia been there? mind sharing your experience?

 

[dave_h]

@charley18 Let it go.
Buy new gold or invest the money you were going to pay for the pajak gadai.

Nostalgia and sentiments are nice, when you can afford them.

 

[charley18]

@dave_h true but some of the golds are truly undervalued when they were pawned

 

[sparklingangel]

@charley18 You can't possibly afford to do all of that with your salary.

Don't dig other holes to bury this one.

Just sell off all of them.

 

[charley18]

@sparklingangel unfortunately i cant

 

[eschat]

@charley18 Get rid of the sub 1k debt. whatever gold you can get back, take and sell. The money use to pay off. Whatever it is don't pay debt with more debt. At the end of the day you might have little choice but to pay off the interest.