Debt Consolidation

For the past year I have been paying loan to my mom, my original loan was with my credit card to so my mom told me "To clear your debt from that credit card I will just lend you the money to pay for the whole principal and just pay me back per month". This is her way of helping me out, that is actually a better idea than to pay monthly to the bank and still earn interest. If I just pay directly to my mom, it will be like one year zero interest, a better deal. That's what I call non profit debt consolidation. I will only be paying to one person and she is not getting any profit from it.

To give a background on how I come up with such a large amount of debt is this. To let you know why do I have to come to a point of debt consolidation . About 2 years ago, a "friend" offered me to put up a construction business, being an architect, he will need me to guide him with the technical stuff. So with all his marketing efforts I agreed. I will be having my own business, earning my own money, not having a boss and spend more time with my little girl. I thought I'm very lucky to be offered such an opportunity, and so I thought. So I resigned from my well paying job and went to start the business with him and another partner. We had so many clients and I had to go back and forth from Laguna to Manila almost everyday. I will need a laptop to be able to work even when I'm in Laguna. So with his advised and his promise that it is the company who will pay for the monthly or the laptop I bought my very first, beautiful, and expensive laptop. To cut the story short, we got a lot of projects, the company earned a lot, but not me. I didn't earn a single cent. They we're just giving me half of what I was getting as salary from my previous job and to top that, I now have a P60,000 debt on the credit card, that is earning interest every month. Not only that, I have to pay for it plus the interest, but since I'm getting such a little amount every month, I wasn't able to pay for the credit card which earned a lot of debt. Eventually, I left the company, I didn't get anything but heartaches and a lot of debt.
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