What the hell. A LOAN TO PAY OFF CC DEBT!?!?
I didn't realize how retarded this other furfag was. All of the business debt is on credit cards.
The math is super fuzzy here but heres my understanding: Idiot 1 takes out $8,000 in biz cc debt. Maxes out. Starts putting more expenses on a personal cc. Proceeds to take out a fuckin' loan from paypal to cover both cards plus some med debt thats not included in the $2500. They do state they had super good credit pre soda venture.
Its possible that Idiot 1 scored a good 0% into APR offer for the business card. Some of them do that if you have good enough credit. That means you don't have to pay interest on the debt for 6 months, 12, or 18 but then it kicks in afterwords at a steep rate (+25% interest for cc's). I should note you usually have to make minimum payments during the offer as well but those are relatively low amounts.
The $3,223 is on a personal cc. If you're just placing normal purchases on them, you incur the full APR each billing cycle and its usually steep too, +25% APR.
Idiot 1 gets a paypal loan to start to save a ship thats springing leaks left and right. We're robbing Peter to pay Paul at this point.
Assuming the original debt is $11,223 and Idiot 1 is claiming he is in the hole for $12,600, that means he's paid at least 12.3% in interest alone but without more detailed financial statements I can't tell. Based on the text, I can see most of the cc debt is with Bank of America.
Something I didn't realize before:
Given that Caden was a minor when they entered this business partnership, which this other fool failed to vet, he should've taken his chances and said "suffer". If you are a minor you are not in your legal majority and are not responsible for any individual debt nor can you enter in legal binding contracts without your parents.
Caden was at least 18 when this happened, it was his friends that were not 18 yet, Crosly states that they never finalized the business partnership agreement so Caden still should've taken his chances and said "suffer".
Given the unlikely chances that Caden has 6.5k in assets and savings with no stable income, his parents are footing the bill. Mama folf is willingly paying for some foolish furry venture that her son is likely not even responsible for and will have nothing to show for it. If I was the dad I would just up and leave theres no hope left.
