Bitcoin Loans....

This may be the wrong place to ask for financial advice but I figured I would throw it out there. I got a nice chunk of cash sat to the side and some BTC. I got 10k in debt and was considering taking the cash I was initially going to pay off the debt and adding it to my BTC and doing a loan to then pay off the debt. Based on what I found, Coinbase variable rates seems to fluctuate from about 5-13%, which 13% is half the interest rates on my credit cards. Has anyone done this?? Any downsides to doing this besides the obvious if the BTC price drops?? I would be looking to do a loan at about 40-50% LTV.

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u/License2Troll 1 11 hours ago

God, my life changed so much when I finally became financially literate. I mean this with all due respect, but this is a poverty mindset. You cannot grow wealth until you understand the wealthy mindset. You should be looking to earn money with your money, *not trying to rent other peoples' money more cheaply.* You might think you're grinding, but you're just kicking the can down the road. Here's a starting point, and I wish you luck: https://www.investopedia.com/articles/pf/12/good-debt-bad-debt.asp
u/Old-Introduction267 1 11 hours ago

learning to spot the debt traps is half the battle, that link is a good start