Answer

There are three possibilities. The answer lies in how you define your goal and how you evaluate the possible solutions in light of that definition. Therefore, the first step is to clarify your goal. Your bathroom is dated and in disrepair, and you would like to redo it. This seems like a good time, because some of the tile, as well as the tub, is going to be torn out and replaced in order to fix a leaky pipe.

The first possible solution, to charge everything on your charge card, could work. You need to figure out how much you could pay each month and the interest rate you would be charged. How many months would it take to pay off the debt and how much would it cost? If the answer is quickly, and the interest charge is low, this solution would make sense.

Solution 2 makes sense if the interest rate is lower than the credit card. You might even be able to deduct the interest you pay from your income tax. If the cost of borrowing the money from the bank, using your home as collateral, is lower than solution 1, this is the best choice.

Solution 3 will cost you no money in interest because you will not need to borrow. However, you will also still need to redo your bathroom and have to temporarily patch up areas where tile was removed. If solution 1 or 2 is not too costly, it probably makes sense to choose one of them. You must have some major demolition work done to fix the leak, and the plumber will already be at your home. This is the time when you can get the whole job done least expensively.

Friendly Persuasion

Friendly Persuasion

To do this successfully you need to build a clear path of action by using tools if necessary. These tools would be facts, evidence and stories which you know they can relate to. Plus you always want to have their best interests at heart, in other words, you know what is good for them

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