I made a significant mistake by taking a cash advance from my credit card and investing it in leveraged Bitcoin trading. Initially, I saw substantial profits and was only paying the minimum monthly credit card amount. Then, I invested in a rapidly rising memecoin, which resulted in substantial losses. I now have approximately $15,000 remaining in BTC but I am in debt of $33,000. In net I am down by 18K in debt.
Currently, I am considering consolidating this debt onto another credit card with a zero-interest rate to facilitate quicker repayment while continuing to hold Bitcoin.
I see two options: either I can pay $15,000 towards the $33,000 debt and transfer the remainder to a zero-interest credit card, or I can transfer the entire $33,000 to a zero-interest credit card(s) and retain the $15,000 in Bitcoin. I am leaning towards the latter option, though I still have some reservations.
Today, I applied for a zero-interest balance transfer card and was instantly approved for a $10,000 NAB card with a 28-month term. This means I need to find a way to manage the remaining $23,000. I am exploring which credit cards might be better suited for this situation. Any suggestions?
Manage the remaining 23k by selling down all your holdings. Then paying off the $8k from your paycheck as fast as you possibly can.
When you're done with that, cancel and cut up the card. Then pay down the balance transfer ASAP. Then cancel and cut up that card.
Then save up. Then invest cash you can afford to lose in something much safer.