parents scammed out of 10K line of credit - best way to pay it off - Lemmy.World

So my parents got scammed last night, fraud case is open but it’s likely not gonna go anywhere and they’ll be out 10K - they know better and now they really know better, and I’m hoping to get some advice on a repayment strategy. They absolutely don’t have that kind of money and repayment will take a while. Plan one is just put it on the mortgage, but they’re currently locked in at a lower rate for 2 more years, so adjusting that isn’t ideal if it changes the rate. If not, adding 10K to mortgage is no brainer. Line of credit does carry lower interests, but it will accrue daily, credit cards are high interest, but interest is racked up monthly. Would it be possible/smart (assuming +10K credit card capacity) to move LoC debt to the credit card for 25 ish days a month to avoid daily LoC interest, and then send the money back to LoC for 5ish days (transfer time) and have the credit card at $0 at the end of every month? Obviously there is risk in not having the credit card paid off in time, but would this strategy be viable if properly executed? Essentially I am hoping to reduce the monthly LoC interest window to just a few days a month instead of keeping everything in LoC and slowly paying it off with interest.