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Loaned monry and balance transfers

I have a line of credit that has a 27K balance on it. It`s been at a special low interest rate that was offered to me. That rate has ended, and the minimum payments are through the roof.

I`ve managed to temporarily borrow money to pay it off, and then plan to use another low rate special offer to pay the money I borrowed back.

I`m currently maintaining an R1 rating, make all my payments on time, but am only making minimums. I expect I will have to file for bankruptcy or a CP next year.

Will the fact that I`ve taken credit out against this credit line again reflect badly on me, even though I`m just putting back the balance that was already there?

Thank you,

Posted from: Ontario

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One Response to “Loaned monry and balance transfers”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

I wouldn’t recommend using any more credit at this point. The balance transfer likely won’t cause you any problems, especially if you don’t end up filing a consumer proposal for another year, but the more it is done the more likely problems can arise.